CAPE TOWN, Western Cape — Political parties in Parliament are issuing strong warnings against politicising the upcoming Public Investment Corporation (PIC) board appointments. As the state-owned asset manager, which oversees more than three trillion rand in public assets, remains without a governing board, lawmakers are demanding a transparent, merit-based selection process to restore institutional confidence and accountability.
The urgency of the situation follows the recent exodus of several board members, including the board chairperson and Deputy Minister of Finance, Dr. David Masondo. In response to the vacancy, Finance Minister Enoch Godongwana announced that he will consult with the Cabinet regarding the appointment of the new board, a move that has prompted heightened scrutiny and debate across political factions.
Des van Rooyen, a Member of Parliament for the MK Party, emphasized the urgent need for a transparent process free from political manipulation and interference. “We don’t want a personalized political process,” van Rooyen stated, reflecting growing concerns over how the new leadership will be chosen and the potential for undue influence.
The Democratic Alliance (DA) has echoed these concerns, advocating for the establishment of an independent selection panel tasked with electing suitable candidates and proposing them directly to the minister. DA Member of Parliament Andrew Bateman highlighted the need for legislative reform to secure the institution’s future. “We need to change the PIC Act, and that’s why the DA is proposing the pension protection bill to depoliticize the board, remove political appointments, and ensure that appointments are all merit-based,” Bateman explained. He further stressed that the board must be led by an independent chair who is not a deputy minister.
Similarly, the African Christian Democratic Party (ACDP) is calling for strict professional criteria for all nominees. ACDP Member of Parliament Steve Swart insisted that the new board must comprise strictly independent financial experts with proven track records in asset management, forensic accounting, fiduciary law, and corporate ethics. Swart also demanded that these members undergo forensic unlisted investment audits, citing this as a main area of underperformance that previously contributed to an 18 billion rand loss.
Across the aisle, there is a shared consensus that the new board members must be thoroughly scrutinized and their qualifications rigorously verified. Lawmakers agree that only “fit and proper” candidates should be appointed, and any individuals with conflicts of interest, commercial ties, or political influence must be eliminated from consideration.
Despite these cross-party demands for oversight, Dr. Joe Maswanganyi, chairperson of the standing committee on finance, reminded stakeholders of constitutional boundaries. Citing the separation of powers, Maswanganyi noted that Parliament should allow the minister to make the appointments, after which the minister can be held accountable to the committee for those decisions.
As consultations continue, the pressure remains on the executive to balance constitutional appointment powers with the overwhelming parliamentary demand for a depoliticized, highly qualified PIC board.
