Build One South Africa (BOSA) welcomes the decision by the Minister of Finance, Enoch Godongwana, to convene a General Meeting of the Public Investment Corporation (PIC) to consider and vote on the removal of the Board.
This is both an acknowledgement and a concession that the deterioration of governance standards at the institution cannot continue unabated.
BOSA has long maintained that accountability at the PIC could not begin and end with the suspension of senior executives. We called for the dissolution of the Board precisely because governance failures ultimately rest with those entrusted to provide oversight. The Minister’s decision now recognises that the crisis extends beyond individuals and requires institutional intervention.
The PIC is entrusted with safeguarding more than R3.6 trillion in assets, including the retirement savings of over one million South African public servants. Confidence in an institution of this importance cannot be restored through piecemeal action or temporary measures. It necessitates a major reset of governance and leadership.
BOSA Leader Mmusi Maimane MP said:
“The Minister has rightly recognised that the governance crisis at the PIC cannot be resolved by suspending one executive while leaving the system that enabled the crisis intact. Beginning the process of removing the Board is an important first step towards restoring confidence in one of South Africa’s most consequential public institutions.”
“But removing the Board cannot become the end of the story. South Africans deserve assurance that those entrusted with protecting their retirement savings are appointed on the basis of integrity, independence and competence, not political convenience. This must mark the beginning of genuine institutional renewal.”
What transpires next is make or break for confidence in the PIC.
BOSA therefore calls on the Minister of Finance to:
- Appoint an independent interim board with the requisite credibility, expertise and with no political conflicts of interest.
- Commission a fully independent forensic investigation into the allegations that have consumed the institution.
- Ensure that all findings are made public and that those responsible are held accountable.
- Table a comprehensive report to Parliament on the state of governance at the PIC and the steps being taken to restore institutional stability.
- Ensure that Parliament exercises ongoing oversight over the rebuilding of governance at the PIC.
Public servants contribute to the Government Employees Pension Fund (GEPF) throughout their working lives with the expectation that their retirement savings will be managed prudently and professionally. They cannot become collateral damage in governance failures or political interference.
The Minister’s decision presents an opportunity to restore confidence in the PIC. That opportunity must now be matched with a decisive and transparent course of action to rebuild one of South Africa’s most important public institutions.
Media Enquiries:
Graham Charters – BOSA Communications Director – 072 635 0440