BY: Saneliso Mlambo
Six of the Public Investment Corporation (PIC)’s 11 board members have resigned, marking a significant governance shake-up at South Africa’s state-owned asset manager. The resignations reduce the board to five members and raise questions about the corporation’s leadership and governance. The PIC manages more than R3 trillion in assets, primarily on behalf of the Government Employees Pension Fund (GEPF).
The resignations were confirmed by the PIC on Wednesday. The corporation said the departures were communicated to Finance Minister Enoch Godongwana, who is responsible for appointing board members. The PIC did not immediately provide detailed reasons for the resignations.
The PIC said it remains operational despite the board changes. The corporation added that it will continue carrying out its investment mandate while the process of appointing new board members gets underway.
The resignations come at a critical time for the PIC, which plays a central role in managing pension fund investments and other public sector assets. The reduced number of board members is expected to place pressure on governance until replacements are appointed.
The reasons behind the resignations have not been fully disclosed. The appointment of new board members will ultimately rest with Finance Minister Enoch Godongwana.