PRETORIA – The head of private equity and structured investment products at the Public Investment Corporation, Mervin Muller, decried the lack of transparency and retrospective interference by the shareholder in staff incentives.
Muller, when making his submissions to the PIC Commission of Inquiry, said this created a risk for the most important resource of the PIC, its staff, to be diluted over time and the current highly skilled staff complement to be lost to the market.
“The lack of transparency created a perception, rightly or wrongly, that favouritism was rife in the application of these principles. In my department, it created massive gaps between peers and I was not in a position as the head of department to explain the reasons to them,” he said.
Muller said it seemed only a select few were allowed involvement in the determination of staff gradings, this included the head of human resources Christopher Pholwane and the chief financial officer, now acting chief executive, Matshepo More.
“I raised a concern on how I cannot be involved in analysing my own staff prior to approval of these new grades, but confidentiality of the information was always used as an excuse,” he said.