First Non-Political Chairman Named for the Massive PIC by South Africa’s Mboweni

Dr. Reuel Khoza has been appointed as the first non-political chairman of the state-owned Public Investment Corporation, the largest asset manager in Africa, the Minister of Finance Tito Mboweni announced at the new board’s inaugural meeting today.

Khoza is a former chairman of Eskom and Nedbank, and the author of numerous books. A new 13-member board for the scandal-plagued PIC, which manages assets of more than R2 trillion (over $150 billion), was announced by Mboweni on July 11.

Mboweni said the cabinet recently took a decision that the chairman of the PIC would no longer by a politician – previously it was the deputy minister of finance. Khoza’s deputy is Sindi Mabaso-Koyana, a chartered accountant with experience on the boards of a number of other state-owned entities (SOEs).

Highly respected journalist and columnist Barney Mthombothi was quick to praise the choice. “Reuel Khoza is an excellent choice as chairperson of the PIC board, itself an assemblage of ppl with impeccable reputations. The institution is in good hands,” he wrote on Twitter.

Mboweni, addressing the new board, which includes the former chairman of ABSA, Maria Ramos, warned them to get ready for criticism but urged them to ignore this and focus on corporate governance at the PIC and leave politics to politicians.

A commission of inquiry into allegations of impropriety regarding the Public Investment Corporation was appointed by President Cyril Ramaphosa in October last year, and is currently hearing evidence.