Finance Minister calls general meeting over PIC board: Reports
In line with the Mpati Commission’s recommendation that a deputy finance minister should not chair the PIC, which was not taken on board, the professor says there shouldn’t be even a whiff of any politician at the asset manager, adding that the corporate governance design there needs to be overhauled.
According to local media reports, the meeting is set to vote on the removal of nine non-executive directors of the PIC Board, including his deputy, Finance Minister David Masondo.
For years now, there have been rumblings about poor governance at the PIC, concerns of certain stakeholders viewing the funds it manages as their personal slush fund and hard evidence showing poor investments made by the asset manager, with billions in investments lost.
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