New PIC deputy chairman appointed
The former CEF chairman is a respected independent director and serves on several boards
Finance Minister Malusi Gigaba has appointed Xolani Mkhwanazi as deputy chairman of the Public Investment Corporation (PIC). Mkhwanazi is a respected independent director and serves on several boards, including Gibela, Murray & Roberts and South 32. He was also chairman of the Central Energy Fund until a year ago, when he was removed in a dispute with former minister of energy Tina Joemat-Pettersson. The PIC manages funds on behalf of the Government Employees Pension Fund and other government funds. It is the biggest investor in the economy, with R1.87-trillion under management. The composition of the board is keenly watched as it is subject to fierce lobbying by businesses seeking funding. Also appointed to the PIC board is chartered accountant Mathukana Mokoka, a nonexecutive director of outsourcing firm CSG Holdings, Prasa subsidiary Autopax and the National Lotteries Board. The appointments replace retired directors Patrick Mngconkola and Roshan Morar. The remaining six director...
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