GOVERNANCE STRUCTURE
JOHN DLUDLU: Dan Matjila in focus but PIC must be in picture
The departure of senior executives is a symptom of a broader problem concerning the culture and toxic work environment at the Public Investment Corporation
Finance Minister Nhlanhla Nene issued an interesting statement on Monday afternoon in which he announced his intention to make a statement by the end of the week about his decision regarding the serious governance allegations against the CEO of the Public Investment Corporation (PIC), which manages almost R2-trillion of social funds. Apart from brief remarks on the governance of state-owned enterprises (SOEs), Nene also made known that he has completed a review of documentary evidence on how the board dealt with the Dan Matjila saga, and that he will first have to meet the board before announcing "decisive steps" to deal with the matter and restore the public’s confidence in the institution. Two months ago Nene asked his deputy, Mondli Gungubele, to formulate a position on the allegations of serious wrongdoing by Matjila, including favouritism, and whether disciplinary action should be taken against him and other PIC executives. Nene’s announcement about an announcement has sparked ...
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