CAPE TOWN - THE GOVERNMENT is seeking new board members for the Public Investment Corporation (PIC) after a number of interim board members did not renew their board membership and left the organisation on Friday.
A 14-member board had been appointed on an interim basis for an annual term ending July 2020, following en masse resignations at the end of 2018, but Finance Minister Tito Mboweni extended the term by 15 months in the interests of stability and at a time when the governance of the PIC was still being probed by the Mpati Commission of Inquiry.
“When the term was extended, some board members indicated then that they would not be renewing their board membership for the full duration of 15 months of the new interim term,” the PIC said in response to Business Report questions.
They were Irene Charnley, Sindi Mabaso-Koyana, Maria Ramos and Bhekithemba Gamedze. “Futhi Mtoba (appointed deputy chairperson) and Karabo Morule have been appointed to the board. The shareholder is working on the appointment of a permanent board,” the PIC said.
The board remains under the chairmanship of Dr Reuel Khoza. The Mpati Commission made some damning findings about the workings of the previous board, including that it was essentially a “rubber stamp” for the previous chief executive, Dan Matjila, and that it had repeatedly abdicated its responsibilities, even in instances where it had expressed reservations about particular investments.
The PIC has in the meantime indicated that it would implement the commission’s findings.
BUSINESS REPORT