Deputy Finance Minister David Masondo in the new PIC chair
Ziyaad Douglas, Gallo Images
Cabinet has announced the new board of South Africa’s state-run asset manager the Public Investment Corporation (PIC), which manages over R2 trillion in investments on behalf of public servants.
In a statement on Thursday, Cabinet released the names of 13 people who will serve on the fund manager’s board, after the previous interim board’s term ended on October 30. The outgoing chairperson of the group’s board, Reuel Khoza, did not retain his seat.
According to new rules governing how the board is chosen, the chairperson has to be either the finance minister, the deputy finance minister, or a member of the economic cluster. Reverting to previous form, deputy finance minister David Masondo is the new chair.
The new board will have to hit the group running, as it needs to finalise a number of disciplinary processes, recover monies that the PIC lost, and implement the findings of the PIC Commission of Inquiry, led by Judge Lex Mpati.
The PIC essentially faced a leadership vacuum at the board level for over two years, having to operate with an interim board.
This was after all the old PIC board members resigned in February 2019 in the middle of the Mpati Inquiry. Then-finance minister Tito Mboweni announced a new interim board in July that year.
And even that board ended its term left with only seven of its original members after seven resignations and the passing of Dr Xolani Mkhwanazi in early 2020.
The new board members are:
David Masondo (Chairperson);
Prof Bonke Dumisa;
Esther Barbara Watson;
Mongwena Mugwena Maluleke;
Brian Mavuka; and