PIC directors will remain until a new board is appointed
Public Investment Corporation (PIC) corporate affairs head Dean Botha on Tuesday confirmed that the organisation’s board of directors remains in place.
This follows after the nonexecutive members of the PIC board on February 1 requested Finance Minister Tito Mboweni release them as directors.
The nonexecutive board members have, subsequently, committed to remain as directors until the Minister appoints a new board.
However, former PIC CEO Daniel Matjila remains suspended, as are listed investments executive head Fidelis Madavo and assistant portfolio manager Victor Seanie.
The PIC has been under a magnifying glass since a public inquiry was launched to investigate charges and counter-charges by and against PIC officials and board members.
Meanwhile, the South African Federation of Trade Unions on Monday expressed its concern around the PIC inquiry and allegations, since the money the PIC manages belongs to its workers – assets worth more than R2-trillion in the government employee pension fund and four smaller State-run funds.
The inquiry has heard testimony of how millions of rands have been lost as a result of corruption.
The Association for Black Securities and Investment Professionals also expressed concern about the instability at the PIC.
The association believes the stability of the PIC is paramount to the investment industry and to millions of South Africans who rely on it for the safe custody of their pensions.
The association pledged its support to Mboweni, who will seek to rebuild governance structures and strengthen the PIC's independence and accountability.
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