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South African Finance Minister Enoch Godongwana announced on Friday that he will appoint a new board for the state-owned Public Investment Corporation (PIC) following a wave of high-profile resignations.
Eight board members, including deputy finance minister and PIC board chair David Masondo, have stepped down from the asset manager, with Masondo’s exit on Thursday marking the latest departure.
To finalise the overhaul, Godongwana has called a general meeting for Monday to vote on removing the remaining board members.
The administrative shakeup comes as the PIC faces growing institutional turmoil.
Authorities recently suspended Chief Executive Patrick Dlamini pending an internal investigation into whistleblower allegations, while South Africa’s financial regulator launched a parallel governance probe into the entity.
Managing over 3 trillion rand ($178.56 billion) in assets—including the Government Employees Pension Fund—the state-owned firm stands as one of Africa’s largest asset managers and the dominant investor on the Johannesburg Stock Exchange.
These leadership departures reopen long-standing oversight challenges for the state manager.
The current crisis mirrors structural deficiencies identified in a 2020 judicial inquiry, which exposed persistent weaknesses in accountability, operational oversight, and investment decision-making across the institution.
