PIC board will be robust despite new rule, says CEO Abel Sithole
Inclusion of the deputy minister of finance in its board is contrary to the Mpati commission’s recommendations
07 October 2021 - 19:46
The Public Investment Corporation’s (PIC’s) CEO, Abel Sithole, says though it is undesirable that the fund manager’s new board chair will be a government deployee, the appointment is unlikely to affect the PIC’s governance as the board will be robust.
The PIC Amendment Act, which was signed into law by President Cyril Ramaphosa in February, requires that the chair of the fund manager’s board be a deputy minister appointed by the finance minister or any other deputy minister in the economic cluster, sparking fears of political interference in the PIC’s investment decisions...
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