Masondo Resigns as PIC Board Chair, Backs Its Mandate

Masondo said the PIC’s central responsibility remains the protection and growth of investments held on behalf of South African workers and their beneficiaries.

Deputy Finance Minister Dr David Masondo has resigned as chairperson of the Public Investment Corporation board, saying his decision is intended to protect the institution's stability and preserve confidence among the millions of South Africans whose savings are managed by the PIC. Masondo said he remains confident that the corporation can continue fulfilling its responsibility to safeguard workers' investments while supporting South Africa's long-term economic development.

Protecting confidence in a vital institution

The PIC manages retirement savings, including funds linked to public servants, and plays a major role in the country's investment landscape. Its mandate extends beyond protecting pension assets, with investments also supporting businesses, industrial development, entrepreneurship and economic growth.

Masondo said he chose to step aside because leadership requires placing the institution ahead of personal interests. He said his resignation was a prudent measure to prevent uncertainty or distraction from affecting the PIC's work. He maintained that the board acted collectively, in good faith and with guidance from legal advisers when taking decisions during his tenure.

Governance reforms remain a priority

During his time on the board, Masondo said the PIC advanced the implementation of recommendations from the Mpati Commission, strengthened governance systems and reinforced institutional controls. The board, management and staff also continued supporting South African businesses, industrialists and entrepreneurs through investments intended to contribute to inclusive growth. Masondo thanked fellow board members, management and PIC employees for their professionalism and commitment to rebuilding and strengthening the institution.

Call for unresolved matters to be addressed

The Deputy Minister urged incoming board members and executives to build on the reforms already introduced, especially work connected to governance and the PIC's unlisted investment portfolio. He said outstanding matters should be investigated and dealt with properly, including a whistleblower report, allegations involving the PIC chief executive officer and the Acapulco matter, which he referred to the Special Investigating Unit.

Some issues are expected to come before court later this month. Masondo said the judicial process should be allowed to continue without interference so that the matters can reach their proper legal conclusion.

Focus on protecting workers' savings

Masondo said the PIC's central responsibility remains the protection and growth of investments held on behalf of South African workers and their beneficiaries. He called for critical vacancies to be filled urgently and for governance and investment reforms to continue, arguing that strong institutional systems are essential to maintaining public confidence in the corporation.