Finance Nhlanhla Nene. Picture: Leon Lestrade/ African News Agency/ANA
JOHANNESBURG - Finance Minister Nhlanhla Nene will this week announce “decisive steps” to address governance issues at the Public Investment Corporation (PIC). 

The minister said in a statement yesterday that he had completed a review of documents and evidence regarding these issues, as well as the allegations against chief executive Dr Dan Matjila. 

Nene asked the PIC board chairperson in May for a detailed response to allegations raised in a media article, all internal audit and other reports relating to these allegations, and the board’s view on whether disciplinary action should be taken against the chief executive and other PIC executives. 

“My approach to the oversight of state-owned entities is that the shareholder ministry should ensure that a board of directors and management with the requisite skills and experience are appointed and that the shareholder ministry conveys (through a shareholder compact) to the board its expectations of the public institution,” Nene said. 

The PIC said it noted the minister's statement. 

- BUSINESS REPORT