The appointment, announced by Minister in the Presidency Khumbudzo Ntshavheni during a post-Cabinet media briefing in Pretoria on Thursday, sees Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai assume the role of chairperson of the PIC board.
The Public Investment Corporation (PIC) has welcomed Cabinet's appointment of a new board, describing the move as a crucial step towards restoring corporate governance, institutional stability and public confidence in South Africa's largest asset manager.
The appointment, announced by Minister in the Presidency Khumbudzo Ntshavheni during a post-Cabinet media briefing in Pretoria on Thursday, sees Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai assume the role of chairperson of the PIC board.
Mohai takes over at a critical time for the State-owned asset manager, which oversees more than R3.6 trillion in assets on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund (UIF) and other public sector clients.
Cabinet also approved the appointment of seven additional non-executive directors to the board: Patience Nqetho, Lebogang Mokgabudi, Advocate Gatlelane Ouma Rasethaba, Vivien McMenamim, Moipone Ramoipone, Bajabulile Swazi Tshabalala and Itani Mafune.
