The interim board of the Public Investment Corporation (PIC), appointed in 2019 to steer it through one of the worst crises in its more than 100-year history, appears to have suffered a setback after the departure of four directors.
The PIC confirmed that four directors, including prominent businesswomen, have resigned from the board. They include Irene Charnley, Sindi Mabaso-Koyana, Maria Ramos and Bhekithemba Gamedze.
“The PIC 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 PIC commends the shareholder on the appointment of the calibre of the new and those board members already serving on its board,” it said.
Finance minister Tito Mboweni appointed an interim board with an initial 12-month term in June 2019 to stabilise the organisation, which was reeling from damaging allegations made at the Mpati commission of inquiry then under way.
The interim board’s term was then extended by 15 months after the initial term came to an end in July 2020.
The departure of Charnley and Ramos could be considered a setback for an organisation attempting to salvage its reputation.
When contacted for comment on Wednesday, Ramos said it had been her intention to serve as a director for an interim period to help stabilise the investment manager.
“I made it clear from the start that I would not be permanently available. I was happy to extend my tenure for a few months after the initial 12-month term lapsed in July last year to give finance minister Tito Mboweni more time to find a permanent replacement,” said Ramos.
The PIC has confirmed that Futhi Mtoba and Karabo Morule have been appointed to partially replace the departing directors. Mtoba replaces Mabaso-Koyana as deputy chair.
“The shareholder is working on the appointment of a permanent board,” the PIC stated.
President Cyril Ramaphosa ordered a wide-ranging inquiry led by retired Supreme Court judge president Lex Mpati to investigate allegations of wrongdoing at the PIC as well as review its organisational structure and processes.
The findings of the commission as they relate to the conduct of former PIC CEO Dan Matjila are being contested by him. Matjila wants the findings reviewed and set aside.
News of the departures comes as when criticism is mounting that the PIC is not doing enough to recover money it says it is owed from the likes of Ayo Technology Solutions, a company that counts Iqbal Survé as an indirect shareholder.
Both Business Day and non-profit amaBhungane have reported that Ayo is doing extensive business with related parties.
Ayo has also paid hundreds of millions of rand in dividends from cash reserves to shareholders, effectively drawing down the cash the PIC provided on behalf of its largest client, the Government Employees Pension Fund (GEPF), when the company listed in December 2017.
Besides the PIC, Ayo’s largest, and controlling, shareholder is Survé’s African Equity Empowerment Investments.
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