Deputy Finance Minister Sfiso Buthelezi has been appointed as chairman of the Public Investment Corporation (PIC) and the terms of three other nonexecutive directors renewed, the PIC and finance ministry confirmed on Thursday. The appointments bring to an end a two-month hiatus in which the board was unable to meet as it did not have a quorum. The PIC, which manages funds on behalf of the Government Employees Pension Fund (GEPF) and other government funds, is the biggest investor in the economy, with R1.87-trillion under management. The composition of the board, which is appointed by the finance minister, was keenly watched as the corporation is subject to fierce lobbying by private business seeking funding. Of the 10-member board, two vacancies remain following the retirement of Roshan Morar and Trueman Goba in March. Deon Botha, head of corporate affairs for the PIC, said that at the annual meeting in March two nonexecutive directors were to retire and three non-executive director...
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