By Thapelo Molefe
President Cyril Ramaphosa has defended government’s intervention at the Public Investment Corporation (PIC), saying recent leadership changes are intended to strengthen governance, safeguard the retirement savings of millions of public servants and ensure stability at Africa’s largest asset manager.
The intervention follows changes to the PIC board, including the appointment of Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai as chairperson, after a series of governance challenges at the state-owned investment manager.
Speaking to the media during the ANC’s voter registration campaign in Emalahleni, Mpumalanga, on Sunday, Ramaphosa said government had acted to prevent instability at an institution responsible for managing about R3.6 trillion in assets.
“The PIC is the largest asset manager on the continent and it manages the assets of civil servants like me, teachers, parliamentarians and many others. It is a very important institution that we need to safeguard,” Ramaphosa
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