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BL Premium reports that the Cabinet announced on Thursday that deputy finance minister David Masondo would chair the new board of the Public Investment Corporation (PIC). But, the move is likely to spark concerns of political interference at SA’s biggest asset manager.
The PIC, which manages about R2-trillion, mostly for government employees and pensioners, has been struggling to restore its reputation following years of questionable investment decisions amid allegations of impropriety and that investments were influenced by political connections and considerations. The term of the previous interim board concluded at the end of October. While in most instances the PIC has in the past been chaired by the deputy finance minister, former finance minister Tito Mboweni emphasised the need for an independent chair to steady the ship. But the Cabinet, in line with the recently amended law governing the PIC, has now reversed Mboweni’s approach. The rest of the members of the new board are: Ntombifuthi Mtoba; Tryphosa Ramano; Bonke Dumisa; Esther Watson; Beverly Bouwer; Walter Hlaise; Brian Mavuka; Makano Mosidi; Frans Baleni, a former general secretary of the National Union of Mineworkers; Mugwena Maluleke, general secretary of the SA Democratic Teachers’ Union; Lufuno Mulaudzi, a leader of the Public Servants Association; and PIC CEO Abel Sithole. Cosatu, which has long called for stronger union representation on the PIC board to ensure that investment decisions also consider workers’ interests, said the appointments would stabilise and strengthen the firm. The labour federation said it was not worried about the appointment of Masondo as chair, as long as systems to enforce accountability and curb corruption were in place.
- Read the full original of the report in the above regard by Bekezela Phakathi at BusinessLive (subscriber access only)
- See too, PIC welcomes appointment of new board, at Engineering News
Get other news reports at the SA Labour News home page