Splitting the Public Investment Corporation (PIC) into an entity with four business units should be explored further in order to curb the "risk of political interference" in the state asset manager's affairs.

This was one of the recommendations by a board member who gave evidence before the inquiry probing the PIC. Sandra Beswick said it would be ideal if each of the business units had a chief investment officer to review decisions taken.

"Additional roles of chief risk officer and chief of IT (information technology) should be considered when restructuring the PIC," she said.

"The board should be composed of a number of independent individuals with the requisite investment and commercial competence, which is vital when transactions are assessed for approval," she added.

Beswick, who is one of the board members that resigned at the beginning of the month, also believes experience and expertise in financial services and asset management must be key requirements in the appointment of the chairperson.

Currently, the deputy finance minister assumes the role of PIC chairperson.

She said the corporation, which manages assets over R2-trillion, with the Government Employees Pension Fund as its biggest client, is regarded by banks as last-resort lender as it does not apply normal lending criteria and therefore must consider mitigating risks more effectively.

Beswick’s testimony was largely aligned with that of another board member, Dudu Hlatshwayo, who spoke of tensions in the board, particularly from the period under former finance minister Malusi Gigaba, up to the time of Mondli Gungubele’s chairmanship.

She said Gigaba’s appointment exacerbated her fears of state capture at the PIC, where meetings under Gungubele became "arduous and fragmented" – with some members not afforded the opportunity to make their voices heard.

"Some members of the board were afforded time to state their case while others were curtailed from voicing their opinions," she said.

Earlier, evidence leader Jannie Lubbe told the inquiry that the minutes of the of the board meeting held on February 1, which led to the mass walk-out, indicated that the board was forced to resign, as Hlatshwayo stated on Tuesday.

He said he raised the matter with Gungubele, who had earlier presented a different version during his evidence, and who confirmed that the board had indeed been told to quit.

The inquiry has adjourned until Monday.