DA Proposes Bill to Curb PIC Political Ties

July 20, 2026

Cape Town Mayor Geordin Hill-Lewis delivers his acceptance speech after being announced as the leader of South Africa's Democratic Alliance (DA) during a meeting to elect the party's federal leader in Midrand, near Johannesburg, South Africa, on April 12, 2026. Credit: REUTERS/Siphiwe Sibeko

South Africa’s opposition Democratic Alliance (DA) proposed new legislation on Monday to overhaul governance at the Public Investment Corporation (PIC) and eliminate political influence over its leadership.

The move follows the state asset manager’s suspension of Chief Executive Patrick Dlamini amid whistleblower allegations and a subsequent financial regulator investigation.

The proposed Pension Protection Bill aims to strip the finance minister of direct control over board appointments for the PIC, which manages over 3 trillion rand ($182 billion) in public sector pension assets.

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DA MP Mark Burke stated that parliament’s Standing Committee on Finance should instead utilise an independent selection panel to recommend candidates based solely on merit.

Under the DA’s plan, the PIC board would elect its own chairperson rather than reserving the position for the deputy finance minister, currently David Masondo.

Additionally, the legislation would bar anyone who held political office in the previous three years from serving on the board to prevent further governance failures and protect public servants’ investments.

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Abisoye Adeyiga

Abisoye Adedoyin Adeyiga holds a PhD in Languages and Media Studies and a Master’s in Education (English Language). Trained in digital marketing and investigative journalism, she is passionate about new media’s transformative power. She enjoys reading, traveling, and meaningful conversations.