Deputy Finance Minister David Masondo on Thursday resigned as chairperson of the Public Investment Corporation (PIC) board. The writer argues that the current public debate surrounding the PIC presents an opportunity to elevate the conversation beyond individual appointments.
Parmi Natesan
Recent public debate surrounding governance at the Public Investment Corporation (PIC) has focused on individuals and appointments. While these are matters for the relevant appointing authorities and the applicable legislation, the discussion presents an important opportunity to reflect on broader governance principles that extend well beyond a single organisation.
The Institute of Directors in South Africa (IoDSA) believes that the debate should centre on two fundamental questions. First, what level of independence should be expected of the chairperson of a governing body? Secondly, what competencies should be expected of those entrusted with leading the boards of institutions that manage assets of significant public importance?
These are not merely theoretical questions. They go to the heart of public confidence in the governance of South Africa's institutions.
