The Financial Sector Conduct Authority (FSCA) says it will investigate serious concerns raised about the governance of the Public Investment Corporation, which manages some R3.6 trillion of government employee pension savings.
The Financial Sector Conduct Authority (FSCA) said it will conduct an investigation into the Public Investment Corporation (PIC) after the manager of the government employee pension funds suspended its CEO, Patrick Dlamini, as a “precaution”, following a whistleblower report.
The FSCA said Wednesday it has “become increasingly concerned by recent developments at the PIC, particularly those relating to governance, leadership stability, transparency, and the potential impact of these developments on the integrity and confidence in one of South Africa’s important financial institutions.”
The FSCA said in a statement the PIC occupies a “unique and critically important” position within South Africa’s financial system.
“As the country’s largest asset manager and custodian of substantial public sector savings, it bears heightened responsibilities to maintain the highest standards of governance, integrity, accountability and conduct. Events over recent months raise serious questions as to whether these standards are being consistently upheld,” the FSCA said.
