After the first democratic election in South Africa in 1994, the South African government set about reforming the approach of government towards the management of state assets. It did this in a manner that can best be described by what Flinders (2005:216) calls the increasing use of institutional hybridity and a move from government to governance. This approach towards state assets is broader than just privatisation (Department of Public Enterprises 2005a). It includes (Department of Public Enterprises 2005b):
- Strategic equity as well as management partnering;
- Public-Private Partnerships;
- Privatisation (partial and full);
- Flotation of SOEs (initial and secondary);
- and Securitisation.