Deputy Finance Minister Dr David Masondo has resigned as the chairperson of the Public Investment Corporation.
The DA said the resignation of Finance Deputy Minister David Masondo as Public Investment Corporation (PIC) board chairperson was not enough to restore confidence in the institution entrusted with managing over R3 trillion of government employee pension savings and workers’ funds.
The party’s deputy spokesperson on appropriations, Andrew Bateman, said on Friday the PIC had descended into an unprecedented governance crisis that signalled a resounding breakdown in corporate governance.
“New directors will be required to chart a difficult course to restore confidence, but changing the board without changing the law will not fix the PIC,” Bateman said.
He made the statement after Masondo resigned on Thursday ahead of Monday’s general meeting called by Finance Minister Enoch Godongwana, where the vote on the removal of nine non-executive directors from the board was expected.
