Postbank has been hit with the resignations of its chair, Thobile Wonci, and two other non-executive directors. The trio cited the oppressive and hostile attitude of Communications Minister Mondli Gungubele as the reason behind their decision to step down.
In a scathing resignation letter addressed to Gungubele, Wonci, Advocate Leigh Hefer-Hendrikse, and Martin Mahosi accused the minister of interference and exerting undue pressure on the board.
For years, Wonci and the other directors have dedicated their time, energy, and efforts towards serving the bank with utmost commitment and passion.
They have strived to uphold the highest standards of ethics and integrity, always working in the best interests of the bank and its stakeholders. Their common goal has been to contribute to the growth, stability, and success of Postbank.
However, recent events and unfortunate circumstances between the minister and the board have forced them to make this difficult decision. The level of external interference, undue pressure, and influence that the board has endured over the past couple of months has deeply disturbed them. It has become clear that no self-respecting board can perform any meaningful work under such conditions.
Despite the challenges they faced, the resigning directors believe that they have done everything within their power to manage and ameliorate the consequent risk to the bank and the hardship that would ultimately be suffered by the most vulnerable stakeholders, especially grant recipients.
Their commitment to the bank has always been driven by a deep sense of responsibility towards their beloved country and its people, stakeholders, Postbank’s staff members, clients, and grant beneficiaries.
While the decision to resign was not reached lightly, the board understands and accepts the implications of this choice.
They have worked tirelessly to ensure that Postbank delivers its mandate, particularly to the majority of vulnerable South Africans, the grant beneficiaries. It is a blow to the stability and integrity of the institution, but the directors believe they are acting in the best interests of all parties involved.
In light of these resignations and the ongoing problems with the payout of Sassa grants, Communications Minister Mondli Gungubele and Social Development Minister Lindiwe Zulu are expected to address the media on Thursday afternoon. The late payment of monthly grants due to a technical glitch has caused further frustration among grant recipients.
Full Story Source: A Blow To Stability And Integrity