South Africa Moves to Reconstitute PIC Board After Wave of Resignations

July 27, 2026
By Mintesinot Nigussie

South Africa’s Finance Minister Enoch Godongwana is set to appoint a new board for the Public Investment Corporation (PIC) after eight board members resigned amid growing governance concerns at the state-owned asset manager. The departures include Deputy Finance Minister David Masondo, who served as chair of the PIC board and resigned on Thursday, becoming the latest member to leave the institution. Godongwana said the government would begin the process of appointing a new board following the resignations.

The PIC, which manages more than 3 trillion rand ($178.56 billion) in assets, has faced increased scrutiny after Chief Executive Patrick Dlamini was suspended pending an investigation into allegations raised by a whistleblower. South Africa’s financial regulator has also launched a separate probe into governance issues at the asset manager. Local media outlet News24 reported that Godongwana had called a general meeting of the PIC for Monday, where shareholders would vote on the removal of the remaining board members.

The PIC is Africa’s largest asset manager and manages funds mainly on behalf of the Government Employees Pension Fund, its largest client. It is also the biggest investor on the Johannesburg Stock Exchange. The latest leadership crisis adds to longstanding governance challenges at the institution. A 2020 judicial inquiry identified weaknesses in oversight, accountability and investment decision-making, with several concerns raised in the inquiry continuing to shape scrutiny of the PIC’s operations.

Source: FSX Business News