South Africa’s finance chief is preparing to oust his deputy from the position of chairman of the board of the Public Investment Corp (PIC), the State pension fund manager that’s been wracked by corruption and instability, News24 reported. Finance Minister Enoch Godongwana called a general meeting of the PIC for July 27 at which the PIC’s non-executive directors and his deputy, David Masondo, would face a shareholder vote for removal, the Cape Town-based news website said, citing a notice issued by the minister. The PIC is 100% State-owned and Godongwana acts as the government’s shareholder representative.

The EFF demands transparency regarding the suspension of PIC CEO Patrick Dlamini, amidst growing governance concerns and political tensions.

The Public Investment Corporation is under increasing scrutiny due to its failure to implement key recommendations from the Mpati Commission.

Business Day TV spoke to Khaya Sithole, director at Corusca Consulting

Institution's governance model leaves board appointments insulated from regulatory scrutiny

Fresh resignations leave company without stable leadership as governance battle escalates

Resignation comes ahead of board meeting on Monday