The Public Investment Corporation (PIC) says that it is seeking to provide context on the departure of some of its Board members. The current Board was appointed in July 2019 on an interim basis for a period of twelve months, which ended in July 2020.
At the end of the term, the Minister of Finance, as a shareholder representative, extended it by 15 months.
“At that point, some Board members indicated that they would not be serving on the Board for the full duration of fifteen months. These were: Mses Irene Charnley, Sindi Mabaso-Koyana, and Maria Ramos, and Mr. Bhekithemba Gamedze,”the PIC said in a statement today.
“The departure of these Board members was expected, as they had made it known at the time when their term was extended. Their departure was for personal reasons and not a reflection on the PIC.
“The shareholder has since appointed Mses Futhi Mtoba and Karabo Morule to the interim Board. The Board is quorate and continues to execute its functions competently and diligently, including implementing the recommendations of the Mpati Commission of Inquiry.”
A presentation on the implementation of the Mpati Commission recommendations was made by the Minister, National Treasury and PIC to the Standing Committee of Finance at the end of November 2020 “” and significant progress has been made in this regard.”
The PIC added that it values the contribution of the Board members who have stepped down and has extended its gratitude to them for accepting their appointment to its Board at a difficult time.
“The shareholder is working on the appointment of a permanent Board.
“The PIC is stable and continues to deliver on its clients’ mandates.”
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