PIC board remains, for now
The nonexecutive directors are committed to remain until finance minister Tito Mboweni appoints a new board
The Public Investment Corporation (PIC) board of nonexecutive directors, who resigned en masse last week, will remain in place for now. The board members said on Tuesday they are committed to remain until finance minister Tito Mboweni appoints a new board. On Friday the entire PIC board of nonexecutive directors wrote to Mboweni and asked to be relieved of their duties. This followed numerous controversies that included allegations of corruption against four of the directors, including deputy finance minister and chair Mondli Gungubele. Mboweni accepted the board’s request. Nine directors, excluding acting CEO Matshepo More, had signed the letter. By law the finance minister appoints the board of the asset manager that oversees about R2-trillion in the pensions of public servants and other statutory institutions, making the PIC the single largest investor in Africa and on the JSE. The PIC is currently the subject of an inquiry, led by retired judge Lex Mpati, into the asset manager’...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.