JOHANNSBURG, July 30 – South Africa’s government has appointed Seiso Mohai, Deputy Minister in the Presidency for Planning, Monitoring and Evaluation, as chairman of the Public Investment Corporation (PIC), as part of a broader effort to strengthen governance and restore investor confidence at the state-owned asset manager.
The appointment was announced on Thursday by Minister in the Presidency Khumbudzo Ntshavheni, who said the government had also named eight new non-executive directors to the PIC board to address governance challenges at the institution.
Mohai succeeds Deputy Finance Minister David Masondo, who stepped down as chairman following the resignation of eight board members amid growing scrutiny of the organisation.
The leadership changes come as the PIC faces multiple governance challenges. Chief Executive Patrick Dlamini remains suspended pending an investigation into allegations raised by a whistleblower, while South Africa’s financial regulator is conducting a separate probe into the corporation’s governance practices. Dlamini is also contesting his suspension through the courts.
Mohai brings extensive public sector and parliamentary experience to the role. During his political career within the African National Congress (ANC), he has served as chairperson of the Select Committee on Appropriations and co-chairperson of the Joint Standing Committee on the Financial Management of Parliament, among other leadership positions.
The Public Investment Corporation, which manages more than 3 trillion rand (approximately $181 billion) in assets on behalf of public sector entities, is one of Africa’s largest institutional fund managers. It oversees investments across equities, fixed income, property and other asset classes, making it a key participant in South Africa’s financial markets.
The institution has faced recurring governance concerns for more than a decade, prompting repeated calls for reforms to strengthen oversight and improve accountability.
In a statement, the PIC said “the expertise and collective experience of the incoming board will support its commitment to accountability, transparency and responsible investment.”
The appointment of a new board marks the latest step in the government’s efforts to rebuild confidence in the corporation’s governance framework while ensuring the effective management of one of Africa’s largest public investment portfolios.
