Inquiry told that PIC escalation process unreliable
Vuyo Jack has told the commission how the centralisation of power and an evidently unnacountable executive leadership ruled at the PIC.
JOHANNESBURG - Former Public Investment Corporation (PIC) board member Vuyo Jack says he could not rely on the escalation processes at the corporation due to a lack of accountability for executives.
Jack was testifying at the inquiry into impropriety at the PIC.
He's detailed governance review processes and organisational climate surveys which he says were not favoured by executive committee members.
Vuyo Jack has told the commission how the centralisation of power and an evidently unaccountable executive leadership ruled at the PIC.
He has accused former CEO Dan Matjila as not having co-operated with governance review processes.
"I first escalated this concern to the chairman of the board at the time, Mr Nhlanhla Nene, during May 2014, with the hope that he will intervene and encourage Dr Dan Matjila to engage with the governance review process. This was not successful because ultimately Dr Matila never engaged with the process."
On Monday, proceedings were cut short after a scheduled witness was not able to attend.
It is understood that the witness will take the stand on Tuesday morning.