Finance Minister Tito Mboweni has appointed an interim Board of Directors for the Public Investment Corporation (PIC). The interim board includes former CEO of ABSA Maria Ramos and does not include the deputy finance minister David Masondo who in his position would be chair of the board.
The interim appointments were made after the Minister’s consultation with Cabinet.
“The appointment shall be effective 12 July 2019 to 31 July 2020. The chairperson and deputy chairperson shall be elected at the first meeting to be convened by the interim board,” said the Ministry of Finance on Wednesday.
The Ministry also announced the reappointment of board members Pitsi Moloto and Xolani Mkhwanazi.
The appointments follow the start of public hearings into allegations of impropriety at the corporation got underway in Pretoria in January.
The PIC – which is wholly owned by government – is the only investment management company in South Africa that focuses exclusively on the public sector.