South Africa’s Finance Minister Enoch Godongwana has announced plans to appoint a new board for the Public Investment Corporation (PIC) following a wave of resignations at the state-owned asset manager.
The decision comes as the institution faces increasing scrutiny over governance concerns and leadership instability.
Multiple Board Members Resign
According to the finance ministry, eight board members have stepped down, including Deputy Finance Minister David Masondo, who served as chair of the PIC board. Masondo’s resignation on Thursday was the latest in a series of departures.
Reports indicate that the finance minister has also called a general meeting of the PIC to address the future leadership of the organisation.
Governance Concerns Continue
The Public Investment Corporation is currently facing multiple investigations after Chief Executive Patrick Dlamini was suspended pending a probe into allegations raised by a whistleblower.
At the same time, South Africa’s financial regulator has launched a separate investigation into the asset manager’s governance practices.
Africa’s Largest Asset Manager
The Public Investment Corporation manages more than 3 trillion rand in assets, making it one of Africa’s largest investment managers.
Its biggest client is the Government Employees Pension Fund, while it also remains the largest investor on the Johannesburg Stock Exchange.
Longstanding Oversight Challenges
The latest leadership crisis follows years of governance concerns at the PIC. A judicial inquiry published in 2020 highlighted weaknesses in oversight, accountability and investment decision-making, many of which continue to resurface.
The appointment of a new board is expected to play a key role in restoring confidence in one of South Africa’s most important financial institutions.
