PRETORIA – Former Independent non-executive director at the Public Investment Corporation (PIC) Vuyo Jack told the PIC Commission of Inquiry on Monday that the chief investment officer (CIO), Dr Dan Matjila, had raised a number of concerns around the governance review with the chairperson of the Social and Ethics Committee (SEC), Rejane Woodroffe.
Jack said the board delegated the issue to be dealt with by the SEC provide feedback in the next board meeting.
“After the board meeting, I communicated telephonically with Ms Woodroffe about the Governance Review methodology followed. I then submitted the Governance Review methodology to aid the SEC to better understand how I managed the process.
“Since I was also a member of the SEC, I then recused myself from further attending the SEC's meetings so that they may conduct an investigation without my interference, he said.
Jack told the commission that a special SEC meeting was called to deal with the matter and it was chaired by Woodroffe and attended by SEC member Sibusisiwe Zulu. “I cannot recall how the investigation ended because there was no feedback provided of whatever resolution was reached by the SEC Special Investigation.”
He said the gist of the narrative was that Matjila had raised concerns at board level with the methodology used for the Governance Review process, however, he neither attended any of the sessions conducted nor did he honour meeting requests sent to his office.
“He also hardly attended workshops where governance issues were tabled, he only attended board meetings and his attendance record at the FIPS and some other subcommittee level engagements was a concern.
“This was an issue that was raised at the Director Affairs Committee, where a resolution that he should scale back on the boards that he sits on such as Ecobank, etc. so he could be more present within the PIC,” said Jack.
Jack maintained that he and Matjila had a cordial relationship when the question was posed.
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