Public Investment Corporation: Call to strengthen board of PPC

PPC’s biggest shareholder called for a strengthening of the South African cement company’s board without a total clear-out of directors as a way to resolve a management conflict. “We can change the board responsibly,” Daniel Matjila, the chief investment officer of the Public Investment Corporation (PIC), said yesterday. PPC shareholders will vote on December 8 on whether to replace the entire board after a request from investors holding about 10 percent of stock. A new board of directors would include Ketso Gordhan, who resigned as chief executive in September and wants to return to the helm. The PIC, Africa’s biggest money manager, is the largest investor in PPC with a stake of about 11 percent. Gordhan resigned after his attempt to fire chief financial officer Tryphosa Ramano was blocked by fellow directors. PPC shares have fallen 20 percent since September 19, the trading day before his departure was announced. PPC shares ended the day 1.21 percent higher at R26.02.