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New PIC board chairperson elected - and it's not Deputy Finance Minister

Jul 25 2019 13:23
Compiled by Lameez Omarjee

The new PIC board of directors have elected a chairperson, but it's not Deputy Finance Minister David Masondo.

Finance Minister Tito Mboweni on Thursday inducted the new interim board of the Public Investment Corporation at its headquarters in Pretoria. He has instructed the new board and the PIC staff to focus on their work, while he focuses on politics. 

Dr Reuel Khoza was elected chairperson and Sindi Mabaso-Koyana was elected deputy chairperson.

Earlier this month Mboweni appointed an interim board of directors, including former Absa CEO Maria Ramos and Eskom board member Sindi Mabaso-Koyane. While unions welcomed the representation of labour on the board, political party EFF has criticised the appointment of Ramos.

In the past, the deputy finance minister has been appointed chairperson of the PIC board. Mboweni noted that there is no law to stipulate this practice. "In my view, that was a bad practice because, why [was it happening] only at the PIC?"

Cabinet had taken a "very firm decision" that the Chair should not be a deputy minister or any other minister, Mboweni said. 

According to Treasury, Mboweni had insructed the board to immediately constitute an audit committee to sort out financial reporting matters. "The minister says such a committee should immediately get down to work," Treasury said. "Leave the politics to me. Focus on corporate governance," he added.

The minister also addressed PIC staff telling them to "be happy". "Focus on your work and leave the politics to me. Do the work that will grow funds under your management. You're entrusted with huge responsibility. Maintain high standards and investment decisions."

The investment corporation manages R2trn in state funds. Judge Lex Mpati is currently leading a commission of inquiry into allegations of corruption at the institution.

The previous board was relieved of its duties in February, following their mass resignation.

treasury  |  pic  |  tito mboweni  |  board


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