On Friday the board of the Public Investment Corporation (PIC) reportedly submitted a letter to the finance minister Tito Mboweni, asking to be relieved from their duties. The request comes after allegations made at the inquiry into the country’s state-owned asset manager which implicate several PIC executives.
The Inquiry began on January 21 after allegations of deal-making involving political connections, as well as allegations against the PIC's former head Dan Matjila. The inquiry is headed by retired Supreme Court of Appeal Judge, Lex Mpati.
In a structure like the Public Investment Corporations (PIC), the board has a deal mandate which is to advise, provide guidance and consult for management and provide strategic positions. Also it is to oversee the organisation's performance and reduce agency costs. The PIC has got a bigger mandate, because it looks after people's pension funds. What they are meant to do is to get the best performance out of the current existing asserts and at the same time, ensure that the integrity of the institution stays intact.— Kagiso Pooe - Public Policy Specialist and lecturer at North West University
Speaking to Africa on the Weekend Breakfast, Kagiso said, the next board needs to improve in corporate culture, and there should be a wide representation of the public. The PIC should be part of the public culture - people should know what is happening with the organisation, and be able to raise concerns.
Click below to listen to the full interview:
This article first appeared on CapeTalk : PIC board dissolved