Deputy Minister David Masondo resign as Chairperson of the Board of the Public Investment Corporation.

After careful reflection, I have decided to resign as Chairperson of the Board of the Public Investment Corporation.

I do so in the interests of the Republic of South Africa, the continued stability of the PIC, and the confidence of the millions of South Africans whose savings are entrusted to this institution.

As Board Chair, I served at the pleasure of the shareholder minister, whose powers are prescribed by law and must be exercised with due care, diligence, and in accordance with the law.

I am pleased to note that the Minister of Finance has recognised that, in performing my duties, I acted with integrity and in good faith. Throughout my tenure, I sought to discharge my fiduciary responsibilities without fear or favour. In this instance, my actions were guided by the imperative to protect and safeguard the funds entrusted to the PIC on behalf of South Africa’s workers and their beneficiaries.

The PIC occupies a unique place in our economy. It safeguards the retirement savings of public servants while supporting investment, industrialisation, entrepreneurship, and economic growth. At a time when confidence in public institutions is paramount, it is important that nothing distracts from this vital mandate. Throughout my tenure, the Board acted collectively, in good faith, based on sound legal advice and in accordance with the principles of good governance. I remain confident in the integrity of the decisions we took.

Together with management and staff, we advanced the implementation of the Mpati Commission recommendations, strengthened governance, reinforced institutional controls, and continued supporting South African businesses, industrialists, and entrepreneurs in pursuit of inclusive economic growth.

I am deeply grateful to my fellow Board members, management, and every employee of the PIC for their professionalism, diligence, and unwavering commitment to rebuilding and strengthening this importantinstitution. It has been an honour to serve alongside such dedicated professionals.

While I believe the Board discharged its responsibilities faithfully, leadership requires placing the institution above oneself. It is therefore prudent that I step aside to avoid any uncertainty or distraction that could affect the stability of the PIC or undermine confidence in its work.

I wish the PIC and the new Board every success in the important work that lies ahead. I hope they will continue to fulfil their mandate to protect and safeguard the funds of South Africa’s workers and to grow the investments under the stewardship of the PIC.

I also hope that the outstanding matters the previous Board was dealing with, including the whistleblower report, the allegations against the CEO, the Acapulco matter, which I referred to the SIU, and other related issues, will be thoroughly investigated and appropriately addressed, rather than being swept under the carpet. Some of these matters will be before the High Court on the 28th of July 2028; and it is my considered view that the judicial process should be allowed and enabled to proceed unhindered. For the sake of transparency and accountability, it is important that these issues be determined by the courts and brought to their proper legal conclusion, despite the resignation of the previous Board.

More importantly, I trust that the governance and investment reforms, particularly in the unlisted portfolio, initiated by the previous Board, together with the filling of critical vacancies that the Board are addressed and pursued with the urgency they deserve.

I leave the Board with confidence in the institution, gratitude for the opportunity to have served, and an unwavering belief that the PIC will continue to play a vital role in safeguarding the savings of South Africa’s workers and advancing the country’s long-term economic development.

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