Maria Ramos. Picture: SUPPLIED
The latter feature had been fought for tooth and nail by the ruling party’s alliance partner, Cosatu. As chair of the PIC, whoever is the deputy finance minister would find him or herself with a conflicting set of obligations. The fiduciary duty to the asset manager and its beneficiaries cannot be easily reconciled with being a leading member of a government that is funded by the same PIC. It can only be a good thing that this will be removed.
The restructuring should be an opportune time to reset the organisation’s cultures and values in addition to its organogram, something Ramos recently undertook at Absa. A fundamental reset entails resolving a long list of complaints that have contributed to the abominable staff morale that currently permeates the organisation and which will likely require sign-off from the board.
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