The board is traditionally chaired by a deputy minister in the economic cluster.
Deputy Minister in the Presidency for Planning, Monitoring and Evaluation, Seiso Mohai, has been appointed as chairperson for the PIC. Picture: Gallo Images/Misha Jordaan
Cabinet has moved swiftly to stabilise the Public Investment Corporation (PIC) after a wave of resignations amid allegations of governance failures, conflicts of interest and irregularities in the handling of the long-running Lanseria Airport dispute.
The state-owned asset management company announced its new board members on Thursday, with Deputy Minister in the Presidency for Planning, Monitoring and Evaluation, Seiso Mohai, appointed as the chairperson.
Mohai will replace Finance Deputy Minister David Masondo, who was the sixth board member to resign. The board is traditionally chaired by a deputy minister in the economic cluster.
PIC’s acting CEO welcomes new board
Batandwa Damoyi, the acting chief executive for the PIC, said the appointment of eight board members is a crucial step to restore corporate governance and institutional stability at the company.
“The PIC appreciates that the minister of Finance, Enoch Godongwana, and Cabinet have moved with urgency to get a new board in place that will bring much-needed stability to the organisation,” she said.
Damoyi was appointed acting CEO after Patrick Dlamini was placed on a precautionary suspension by the previous board in mid-July following whistleblower allegations of misconduct.
New faces to PIC
The new members, along with Mohai, are:
- Patience Nqetho
- Lebogang Mokgabudi
- Gatlelane Ouma Rasethaba
- Vivien McMenamim
- Moipone Ramoipone
- Bajabulile Swazi Tshabalala
- Itani Mafune
“The PIC management team is ready to welcome new board members, and we are committed to work constructively with the board to rebuild public trust and provide assurance to all PIC clients that their retirement savings and social security funds continue to show robust growth. The immediate priority is to ensure a seamless induction process for all new board members, so that the board can begin its oversight duties without delay,” said Damoyi.
Suspended CEO wants his seat back
The assets management company said Damoyi and Dlamini remain PIC executive directors. “Dlamini’s precautionary suspension as PIC CEO continues.”
Judgment in the case to have Dlamini’s suspension overturned was reserved earlier in the week.
He was placed on suspension to allow space to address whistleblower allegations regarding unlisted investments and governance issues.
Former chair wishes new board success
Masondo resigned ahead of Godongwana’s meeting, where it was understood he was going to dissolve the board – the first for the company.
Masondo, in his resignation announcement, said he stepped down as a chairperson “in the interests of the Republic of South Africa, the continued stability of the PIC, and the confidence of the millions of South Africans whose savings are entrusted to this institution”.
He wished “the PIC and the new board every success in the important work that lies ahead. I hope they will continue to fulfil their mandate to protect and safeguard the funds of South Africa’s workers and to grow the investments under the stewardship of the PIC”.
