JOHANNESBURG — Deputy Minister of Finance David Masondo has officially announced his resignation as the Chairperson of the board of the Public Investment Corporation (PIC), stating that his decision is in the best interest of the country amid ongoing governance turmoil at Africa’s largest asset manager.
The high-profile departure comes just days ahead of a critical, scheduled shareholder meeting. During this meeting, Finance Minister Enoch Godongwana was set to cast a vote on the removal of the non-executive board, escalating the stakes for the state-owned fund.
In an official statement addressing his departure, Masondo maintained that he acted with unwavering integrity to safeguard public servant savings. He staunchly defended the board’s recent decisions, reiterating that the members acted in good faith to protect public funds and advance necessary recommendations for the institution.
Masondo’s announcement marks the latest development in weeks of intense strain at the Public Investment Corporation. The leadership crisis follows the precautionary suspension of PIC CEO Patrick Dlamini, an event that subsequently triggered the resignations of six other non-executive board members.
As the pivotal shareholder meeting approaches, attention now turns to Finance Minister Enoch Godongwana and the upcoming votes that will determine the next steps for stabilizing leadership and restoring confidence in the state-owned financial institution.
