JOHANNESBURG, July 24 – South Africa’s Deputy Finance Minister David Masondo has resigned as chairperson of the board of the Public Investment Corporation (PIC), stepping down as the state-owned asset manager faces increasing scrutiny over its governance and leadership.
Masondo announced his decision in a statement on Thursday, saying, “After careful reflection, I have decided to resign as Chairperson of the Board of the Public Investment Corporation.”
His resignation comes as the PIC confronts multiple governance challenges, including the suspension of its chief executive pending an investigation into allegations raised by a whistleblower.
At the same time, South Africa’s financial regulator has launched a separate governance probe into the institution, adding to pressure on one of Africa’s largest asset managers.
The Public Investment Corporation oversees more than 3 trillion rand (approximately $178.3 billion) in assets, making it one of the continent’s largest institutional investors.
Its largest client is the Government Employees Pension Fund (GEPF), while the corporation also ranks as the biggest investor on the Johannesburg Stock Exchange (JSE), giving it a central role in South Africa’s financial markets.
The latest developments add to a history of governance concerns at the PIC. The institution has faced repeated scrutiny over the past decade, with many of the issues now under investigation reflecting recommendations made by a 2020 judicial commission of inquiry, which identified weaknesses in oversight, accountability and investment decision-making.
Masondo’s resignation comes at a critical time for the asset manager as authorities seek to strengthen governance standards and restore confidence in one of South Africa’s most influential public financial institutions.
