The interim chair of the board of the Public Investment Corporation (PIC), Reuel Khoza, has backed growing calls for an end to the practice of having a politician chairing the board of Africa's biggest asset manager. Khoza - whose interim board is in charge until the end of July - told Business Times on Friday that in future the PIC board should have an independent chair. "The board should not be, in my opinion, chaired by a political figure. It does appear that stance is supported by a good number within government," he said."There are those who for some reason, it could be cultural lag, might be open to manipulation; perhaps it's easier to manipulate a political colleague as opposed to an independent person." Until the interim board was appointed in July last year with Khoza as chair, the deputy minister of finance would automatically be chair of the PIC, which manages R2-trillion on behalf of the government pension fund and other state entities. But the commission of inq...
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