The appointment, announced by Minister in the Presidency Khumbudzo Ntshavheni during a post-Cabinet media briefing in Pretoria on Thursday, sees Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai assume the role of chairperson of the PIC board.
Image: Twitter/Seiso Mohai
The Public Investment Corporation (PIC) has welcomed Cabinet's appointment of a new board, describing the move as a crucial step towards restoring corporate governance, institutional stability and public confidence in South Africa's largest asset manager.
The appointment, announced by Minister in the Presidency Khumbudzo Ntshavheni during a post-Cabinet media briefing in Pretoria on Thursday, sees Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai assume the role of chairperson of the PIC board.
Mohai takes over at a critical time for the State-owned asset manager, which oversees more than R3.6 trillion in assets on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund (UIF) and other public sector clients.
Cabinet also approved the appointment of seven additional non-executive directors to the board: Patience Nqetho, Lebogang Mokgabudi, Advocate Gatlelane Ouma Rasethaba, Vivien McMenamim, Moipone Ramoipone, Bajabulile Swazi Tshabalala and Itani Mafune.
In a statement, the PIC said the appointment of eight non-executive directors marked an important milestone in strengthening governance at the corporation.
Batandwa Damoyi, acting PIC CEO, welcomed the swift action taken by government to constitute a new board.
"The PIC appreciates that the Minister of Finance, Mr. Enoch Godongwana, and Cabinet have moved with urgency to get a new Board in place that will bring much needed stability to the organisation," Damoyi said.
She said management stood ready to work closely with the incoming board as it assumes its oversight responsibilities.
"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."
Damoyi added that the corporation's immediate focus would be ensuring a smooth transition.
"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," she said.
The appointments follow the resignation of former PIC chairperson and Deputy Finance Minister David Masondo last week.
Masondo stepped down amid reports of deteriorating relations between himself, Godongwana and suspended PIC CEO Patrick Dlamini. His departure came shortly before a shareholder meeting convened by Godongwana at which he and the remaining non-executive directors were reportedly expected to be removed.
Mohai now assumes leadership of an institution that has faced sustained governance challenges in recent years, including the implementation of reforms arising from the Commission of Inquiry into the PIC.
The PIC said the newly appointed board brings together expertise and experience that will help guide the organisation through its next phase.
The PIC congratulated the newly appointed chairperson and board members, saying it looked forward to their contribution in guiding the organisation through its next phase of strategic delivery and advancing the corporation's mandate in the interests of its clients, stakeholders and the broader South African public.
It added that the appointments come at a pivotal moment for the institution.
"The board appointments come at a critical time. The Corporation recognises the role a well-functioning Board plays in sound governance, effective oversight and the prudent stewardship of assets under management, on behalf of the PIC's clients," it said.
"The expertise and collective experience of the incoming board will support the PIC's commitment to accountability, transparency and responsible investment."
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