Restoring stability tops list of PIC’s priorities – Khoza

Newly elected Public Investment Corporation (PIC) chairperson Reuel Khoza’s top priority is to ensure the state-owned asset manager is returned to stability.

“The first thing we will do is to restore stability. Simultaneously, we will be hunting for the head of the organisation, the CEO, as well as other senior positions now occupied by people in an acting role,” he said.

Khoza said Finance Minister Tito Mboweni told the PIC interim board the decision not to have a deputy finance minister as the chairperson of the PIC, as in the past, was because government wanted the PIC board to be independent.

The PIC manages more than R2 trillion in state and pension funds for a number of government clients, including the Government Employees’ Pension Fund.

Khoza said the make-up of expertise on the new board ticked all the boxes needed for strong corporate governance.

He pointed out – during the board’s earlier meeting with staff members – that issues relating to remuneration were raised as one of the issues that needed to be prioritised by the board. – Lesetja Malope