Mboweni confirms appointment of new PIC board members

This follows the departure of Irene Charnley, Sindi Mabaso-Koyana, Maria Ramos, and Bhekithemba Gamedze.

FILE: Finance Minister Tito Mboweni on 28 October 2020 in Cape Town. Picture: GCIS.

JOHANNESBURG - Finance Minister Tito Mboweni has on Thursday confirmed the appointment of new Public Investment Corporation (PIC) board members.

This follows the departure of Irene Charnley, Sindi Mabaso-Koyana, Maria Ramos, and Bhekithemba Gamedze.

The outgoing members were appointed in July 2019, along with others as part of an interim board whose term was extended to October this year, to among others affect the recommendations of the Mpati Inquiry that highlighted serious weaknesses at the asset management company.

The PIC has explained that the departure of the four board members is in line with their wishes to resign.

Their term was extended by 15 months after they were initially expected to be in office for only a year.

In a statement, they stress that the organisation is still stable and continues to deliver on its clients’ mandate.

The reassurance comes after media reports, which suggested that the departure of the four - who include accomplished business people - will hamper the progress made in restoring good governance at the institution.

The PIC also said the finance minister had appointed chartered accountant and former Business Unity South Africa president Futhi Mtoba and founder and CEO of Amara Strategic Investments Karabo Morule.

Meanwhile, the finance minister is still working on appointing a permanent board.

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