South Africa’s Finance Minister Enoch Godongwana said Friday he will appoint a new board for the Public Investment Corporation after eight directors resigned, deepening a leadership crisis at the state-owned asset manager.
The latest departure was Deputy Finance Minister David Masondo, who also served as PIC board chair. Masondo resigned on Thursday, according to Godongwana’s statement.
The PIC is under mounting scrutiny. Chief Executive Patrick Dlamini was suspended last week pending an investigation into allegations raised by a whistleblower. South Africa’s financial regulator has also launched a separate governance probe.
Local news outlet News24 reported that Godongwana has called a general meeting for Monday to vote on removing the remaining board members.
The PIC oversees more than 3 trillion rand, or about $178.6 billion, making it one of Africa’s largest asset managers. Its biggest client is the Government Employees Pension Fund, and it is the single largest investor on the Johannesburg Stock Exchange.
Governance issues are not new for the PIC. The institution has faced repeated challenges for more than a decade. Many of the problems now surfacing echo findings from a 2020 judicial inquiry that cited weak oversight, poor accountability and flaws in investment decision-making.
