New PIC Board appointed as Cabinet moves to stabilise R3 trillion asset manager
Cabinet has appointed a new Public Investment Corporation (PIC) Board in an effort to restore stability, strengthen governance and accelerate reforms at South Africa’s largest asset manager, which oversees more than R3 trillion in public sector investments.
The appointments were announced by Minister in the Presidency Khumbudzo Ntshavheni following Wednesday’s Cabinet meeting, as government moves to address ongoing governance concerns at the PIC.
Ntshavheni said the new non-executive directors were appointed to stabilise the institution and ensure that reforms recommended by the Mpati Commission of Inquiry continue to be implemented.
"Cabinet appointed the non-executive members of the Board of Directors of the Public Investment Corporation Ltd."
The new board members include Deputy Minister of Planning, Monitoring and Evaluation, Seiso Mohai, who will serve as Chairperson.
The new appointments also include Patience Nqeto, the deputy chair of the DBSA; Lebogang Mokgabudi, a former GEPF board member and a former senior manager at Visa; Mokgabudi is the GEPF nominee; Swazi Tshabalala, a former senior vice-president of the African Development Bank and a former Standard Bank executive. Tshabalala is also a GEPF nominee.
Ouma Rasethaba, a former NPA prosecutor and former head of Telkom policy and chief risk officer; Vivien McMenamin, Mondi CEO; Moipone Ramoipone, from the Office of the Accountant General, as the National Treasury representative; and Itani Mafune, CA with previous leadership roles at PwC and Absa.
Ntshavheni said the appointments were aimed at addressing instability within the PIC and strengthening governance.
"This is to address the governance challenges at the PIC. The Minister of Finance will then bring a report on the continued implementation of the Mpati Commission recommendations, which have proposed certain reforms that will be considered by Cabinet."
She added that the previous board had already started implementing some of the reforms and that the process would continue under the new leadership.
The new appointments follow the resignation of former PIC Board Chairperson and Deputy Finance Minister David Masondo last week.
In a letter to Finance Minister Enoch Godongwana dated 24 July, Masondo said he was stepping down to help restore stability and confidence in the institution.
“To help restore stability to the PIC after the period of instability that has followed the appointment of the new Board eight months ago, I hereby resign as a Non-Executive Director and Chairperson of the Board,” Masondo said.
Masondo said his resignation was made “in the interests of the country, the PIC and the millions of South Africans whose savings are invested through the institution”.
During his tenure, Masondo said the PIC’s investment portfolio grew by more than R1 trillion, while progress was made in implementing recommendations from the Mpati Commission.
He said governance structures and institutional controls had also been strengthened, but acknowledged that several matters remained unresolved.
These include a whistleblower report, allegations involving PIC Chief Executive Officer Abel Sithole, and the Acapulco matter, which Masondo said had been referred to the Special Investigating Unit.
“For the sake of transparency and accountability, it is important that these issues be determined by the courts and brought to their proper legal conclusion, despite the resignation of the previous Board,” he said.
FSCA INVESTIGATION DEEPENS SCRUTINY
The leadership changes come as the PIC faces increased scrutiny from regulators and stakeholders.
The Financial Sector Conduct Authority (FSCA) recently launched a formal investigation into the corporation under Section 135 of the Financial Sector Regulation Act.
The investigation follows media reports, whistleblower allegations and concerns around governance and leadership changes at the PIC, which manages investments on behalf of the Government Employees Pension Fund and other public-sector clients.
The concerns intensified after the PIC Board placed Chief Executive Officer Patrick Dlamini on precautionary suspension to allow him to respond to allegations contained in a whistleblower report.
The PIC has stressed that the suspension does not amount to a finding of wrongdoing.
Dlamini, who was appointed in June 2025, was tasked with improving the performance of the PIC’s unlisted investment portfolio, known as the Isibaya Fund.
To ensure continuity, veteran investment professional Leon Smit was appointed Acting Chief Investment Officer. Smit, who has been with the PIC since 2000, will oversee fixed income investments and trading.
The PIC said the FSCA investigation forms part of the regulator’s oversight role and that the outcome would be important in maintaining public confidence in the institution.
MPATI COMMISSION REFORMS REMAIN A PRIORITY
Cabinet has also placed renewed focus on implementing the recommendations of the Mpati Commission, which investigated allegations of impropriety, governance failures and investment irregularities at the PIC.
The commission’s 2020 report recommended wide-ranging reforms aimed at improving governance, risk management, transparency and investment decision-making.
Ntshavheni said Finance Minister Godongwana would provide Cabinet with an update on progress made in implementing those recommendations.
The PIC plays a critical role in South Africa’s economy, managing trillions of rand in assets while investing in infrastructure, industrial development and economic transformation initiatives.
With the appointment of the new board under Mohai’s leadership, government expects the PIC to move beyond recent instability, strengthen accountability and continue delivering sustainable returns for pensioners and public sector employees.
ALSO READ
