Reports suggest the PIC board will meet on Monday to discuss the recent turmoil at the pension fund manager and to consider a shareholder vote for the removal of the remaining five non-executive directors, as well as Godongwana’s deputy, David Masondo, who is the PIC chairman at present.
Finance Minister Enoch Godongwana is contemplating a number of measures to ensure a return to stability at the Public Investment Corporation (PIC), the state-owned company that manages some R3.6 trillion of mostly government employee pension savings.
“The Minister has noted and received communication from the PIC Board and will, at an appropriate time, provide further details on the measures he is contemplating as the PIC’s shareholder. The Minister will not be commenting further on issues at the PIC in public,” Godongwana’s office said in response to Business Report questions on Wednesday.
Reports suggest the PIC board will meet on Monday to discuss the recent turmoil at the pension fund manager and to consider a shareholder vote for the removal of the remaining five non-executive directors, as well as Godongwana’s deputy, David Masondo, who is the PIC chairman at present.
The PIC put its chief executive, Patrick Dlamini, on precautionary suspension last week amid growing uncertainty about governance at the institution, and so that Dlamini can objectively face allegations levelled against him by a whistleblower in relation to R411 million BEE finance provided to Acapulco for a stake in Lanseria Airport more than a decade ago, and the subsequent arbitration award made by the PIC in relation to this financing.
