Dan Matjila offers to go, if PIC board plays ball

Dan Matjila, the CEO of the Public Investment Corporation (PIC), has given the board of Africa’s largest asset manager until Friday to accept his terms for voluntarily leaving at the end of April. The PIC, which oversees more than R2-trillion, is also the single biggest shareholder on the JSE and the largest investor in government bonds. Its biggest client is the Government Employees Pension Fund. The PIC could face legal action from Matjila if it fails to reach an agreement with him, as the CEO claims that his relationship with the board has broken down and that he has been constructively dismissed. Matjila’s conduct at the helm of the PIC is set to come under scrutiny when a presidential commission of inquiry, established in October, begins sitting. The commission is expected to complete its work by the end of March. Controversially, he has not been suspended by the board, which has consistently backed him, while the commission does its work. The CEO argues that the various invest...