The abrupt departure of Tantaswa Fubu from the board of the Public Investment Corp (PIC) compounds the asset manager’s governance problems, and lays bare boardroom squabbles over how to deal with the allegations of impropriety against CEO Daniel Matjila and CFO Matshepo More. Fubu, chair of the audit & risk committee, resigned with immediate effect on Monday, leaving behind eight independent nonexecutive directors and the chair, deputy finance minister Mondli Gungubele, to decide the fate of the corporation. Nonexecutive director Claudia Manning quit the board a week earlier. A source close to the PIC says the two resigned over differences with the deputy minister. "Gungubele has not made the transition. He thinks he is a politician chairing a company, instead of a director with a fiduciary duty to the institution," says the source. In her resignation letter to finance minister Nhlanhla Nene, seen by the FM, Fubu seems to confirm this view. "The meetings are ineffectively run, in my...

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