The Public Investment Corporation (PIC) has welcomed the appointment of its new board, describing it as a critical step towards restoring stability after months of governance turmoil that culminated in the suspension of its chief executive, the resignation of its chairperson and six non-executive directors and multiple investigations into the corporation.
Cabinet on Thursday announced the appointment of eight non-executive directors, with Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai appointed as chairperson.
The appointments mark the start of a new chapter for Africa’s largest asset manager but come with several key governance issues still unresolved.
Suspended chief executive Patrick Dlamini is awaiting judgment in the Gauteng High Court after challenging the legality of his precautionary suspension. The application was heard this week, with judgment reserved.
The Financial Sector Conduct Authority is continuing its investigation into governance issues at the corporation, while Parliament has received protected disclosures raising concerns about political interference and the recent overhaul of the board.
Welcoming the appointments, Acting Chief Executive Bathandwa Damoyi said the organisation was ready to work with the incoming board.
“The PIC appreciates that the Minister of Finance, Mr Enoch Godongwana, and Cabinet have moved with urgency to get a new Board in place that will bring much needed stability to the organisation,” Damoyi said.
She said management’s immediate priority would be to induct the new board so it could begin its oversight responsibilities without delay.
The newly appointed board comprises Mohai as chairperson, together with Patience Nqetho, Lebogang Mokgabudi, Advocate Gatlelane Ouma Rasethaba, Vivien McMenamim, Moipone Ramoipone, Bajabulile Swazi Tshabalala and Itani Mafune.
The appointments follow weeks of governance turmoil at the PIC, including the precautionary suspension of Dlamini, the resignation of former chairperson David Masondo and six non-executive directors and the subsequent reconstitution of the board by Finance Minister Enoch Godongwana.
The corporation manages more than R3 trillion on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund, the Compensation Fund and other public entities, making it Africa’s largest asset manager and one of South Africa’s most important financial institutions.
The new board’s immediate priorities are expected to include restoring stability at the corporation, overseeing its response to Dlamini’s court challenge once judgment is delivered, and navigating the ongoing regulatory and parliamentary scrutiny of the PIC’s governance