Black Business Council: Politicians should no longer serve on PIC board
Updated Aug. 7, 2026, 10:43 a.m. | By Bulletin / Jacaranda FM Newswatch The Black Business Council backs proposed changes to the Public Investment…
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Updated Aug. 7, 2026, 10:43 a.m. | By Bulletin / Jacaranda FM Newswatch
The Black Business Council backs proposed changes to the Public Investment Corporation Act, including replacing the deputy minister as PIC board chair with an independent investment and pensions expert.
The Black Business Council says it supports Finance Minister Enoch Godongwana’s call for changes to be made to the Public Investment Corporation Act.
Earlier this week, the minister confirmed that cabinet would soon consider proposals to replace the long-standing practice of a deputy minister chairing the board.
It will look to replace the deputy minister with an independent non-executive chairperson possessing expertise in pensions, investments and financial markets.
The council says politicians should no longer serve on the PIC board, emphasising that the PIC needs an independent chairperson with an impeccable reputation
Deputy Finance Minister David Masondo recently resigned as PIC chairperson, saying the decision is aimed at restoring stability and confidence in the country’s largest asset management institution.
The PIC manages assets on behalf of public sector employees, including the Government Employees Pension Fund, and plays a key role in South Africa’s investment landscape.
Masondo’s resignation followed the earlier suspension of PIC CEO Patrick Dlamini, who was subsequently reinstated to his position after the High Court in Pretoria declared his suspension as unlawful and invalid.
The judgment noted that the board acted unilaterally in its decision, contrary to its own policies and procedures, which state that such a move requires the approval of the minister and cabinet.
The Financial Sector Conduct Authority has launched an investigation into the corporation, while some matters have been referred to the Special Investigating Unit.
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