Overview
- Cabinet named eight non-executive directors to the Public Investment Corporation board on Thursday, July 30, with Deputy Minister Seiso Mohai as chair.
- The new directors are Seiso Mohai, Patience Nqetho, Lebogang Mokgabudi, Gatlelane Ouma Rasethaba, Vivien McMenamim, Moipone Ramoipone, Bajabulile Swazi Tshabalala and Itani Mafune.
- PIC acting CEO Batandwa Damoyi said management will work with the incoming board to restore corporate governance and reassure clients that retirement savings and social security funds are protected.
- Former CEO Patrick Dlamini remains on precautionary suspension over whistleblower allegations and the court reserved judgment on his application to overturn that suspension earlier this week.
- Opposition MPs criticised the Cabinet-driven appointments and called for rules that would make the PIC chair independent and expert-led while the Standing Committee on Finance has scheduled meetings to press the board on governance reforms and Mpati Commission recommendations.