Deputy Finance Minister, Dr David Masondo, has expressed confidence in the ability of the Public Investment Corporation (PIC) to execute its mandate and protect the interests of the investments of South African workers.
The assurance comes as Masondo announced his resignation from his role as Chairperson of the PIC Board.
“I do so in the interests of the Republic of South Africa, the continued stability of the PIC, and the confidence of the millions of South Africans whose savings are entrusted to this institution.
“I leave the Board with confidence in the institution, gratitude for the opportunity to have served, and an unwavering belief that the PIC will continue to play a vital role in safeguarding the savings of South Africa’s workers and advancing the country’s long-term economic development,” Masondo stated.
Reflecting on his tenure, the Deputy Minister noted that he acted with “integrity and in good faith”.
“Throughout my tenure, I sought to discharge my fiduciary responsibilities without fear or favour.
“In this instance, my actions were guided by the imperative to protect and safeguard the funds entrusted to the PIC on behalf of South Africa’s workers and their beneficiaries,” he said.
Masondo emphasised that all Board decisions were made on the basis of sound legal counsel and strict adherence to governance principles.
“The PIC occupies a unique place in our economy. It safeguards the retirement savings of public servants, while supporting investment, industrialisation, entrepreneurship, and economic growth. At a time when confidence in public institutions is paramount, it is important that nothing distracts from this vital mandate.
“Throughout my tenure, the Board acted collectively, in good faith, based on sound legal advice and in accordance with the principles of good governance. I remain confident in the integrity of the decisions we took,” Masondo said.
Furthermore, together with staff and management, the PIC:
- Advanced the implementation of the Mpati Commission recommendations.
- Strengthened governance.
- Reinforced institutional controls.
- Continued supporting South African businesses, industrialists, and entrepreneurs in pursuit of inclusive economic growth.
“I am deeply grateful to my fellow Board members, management, and every employee of the PIC for their professionalism, diligence, and unwavering commitment to rebuilding and strengthening this important institution. It has been an honour to serve alongside such dedicated professionals.
“While I believe the Board discharged its responsibilities faithfully, leadership requires placing the institution above oneself. It is therefore prudent that I step aside to avoid any uncertainty or distraction that could affect the stability of the PIC or undermine confidence in its work,” Masondo stated.
Masondo urged the incoming leadership and executive team to build upon the foundation laid by the outgoing Board.
“I hope they will continue to fulfil their mandate to protect and safeguard the funds of South Africa’s workers and to grow the investments under the stewardship of the PIC.
“I also hope that the outstanding matters the previous Board was dealing with, including the whistleblower report, the allegations against the CEO, the Acapulco matter, which I referred to the SIU, and other related issues, will be thoroughly investigated and appropriately addressed, rather than being swept under the carpet,” the Deputy Minister added.
He noted that as some matters will be before court later this month, the “the judicial process should be allowed and enabled to proceed unhindered”.
“For the sake of transparency and accountability, it is important that these issues be determined by the courts and brought to their proper legal conclusion, despite the resignation of the previous Board.
“More importantly, I trust that the governance and investment reforms, particularly in the unlisted portfolio, initiated by the previous Board, together with the filling of critical vacancies that the Board are addressed and pursued with the urgency they deserve,” Masondo concluded. – SAnews.gov.za
