Masondo resigns as PIC chair, warns investigations must not be ‘swept under the carpet’
David Masondo has resigned as chairperson of South Africa's Public Investment Corporation (PIC) amid a governance crisis. He urged that ongoing investigations into the institution's management and whistleblower reports must continue despite the board's turnover.
Why it matters
The PIC manages massive state assets, and its governance stability is crucial to South Africa's economic health and public trust.
Facebook X LinkedIn WhatsApp Email Public Investment Corporation (PIC) chairperson David Masondo has resigned, becoming the latest senior casualty of the governance crisis engulfing South Africa's largest asset manager, while warning that key investigations into the corporation must not be "swept under the carpet".
His resignation follows weeks of turmoil at the PIC, including the precautionary suspension of chief executive Patrick Dlamini and the resignation of six non-executive directors. These developments have left the board significantly weakened and intensified scrutiny of the institution, which manages more than R3 trillion in assets.
In a statement issued on Thursday, Masondo said he had decided to resign "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".
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