POLITICAL INTRIGUE
CAROL PATON: PIC saga handled inappropriately by such a powerful man
Should we be worried that the man who commands R2-trillion — more than any other asset manager in SA — spied on his executives? Or that in the past few months he has parted ways with three senior employees and another has her head on the chopping block? I’m talking about Dan Matjila, the CE of the Public Investment Corporation (PIC). Internal disputes between employees and employers are difficult to write about. There is often a lot that the parties say off the record that can’t be proven but that they hope will influence you to take their side. However, in most cases where internal disciplinary disputes suddenly spike, they are an indication that something is dysfunctional. Matjila has been a successful asset manager. We know that over the past four years he has been subject to extreme political pressure because he has money to hand out. Unlike a bank, which makes its assessment purely on risk, Matjila has another mandate as well: transformation. Compared to other institutions esta...
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