The governance crisis at the Public Investment Corporation (PIC) has deepened, with four more non-executive directors resigning ahead of a crucial meeting called by Minister of Finance Enoch Godongwana.
The minister has reportedly scheduled a meeting for 27 July to consider dissolving the board of <a href="https://absafricatv.com/africa-cdc-seeks-us1-4bn-to-contain-dr-congo-ebola-outbreak/” title=”Africa CDC seeks US$1.4bn to contain DR Congo Ebola outbreak “>Africa‘s largest asset manager, following weeks of turmoil at the institution.
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The latest resignations come just days after two other board members stepped down, bringing the total number of departures to six in just over a week.
The PIC has been under intense scrutiny since CEO Patrick Dlamini and chief investment officer August van Heerden were suspended following allegations contained in a whistleblower report.
The Finance Minister’s proposed shareholders’ meeting follows weeks of turmoil at the State-owned asset manager, which oversees more than R3 trillion in assets on behalf of the Government Employees Pension Fund and other public sector clients.
The six departures leave just five of the 11-member board standing.
The Financial Sector Conduct Authority (FSCA) has also launched an investigation into the organisation’s governance.
The PIC is 100% State-owned and Godongwana acts as the government’s shareholder representative.
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