The board of the Public Investment Corporation (PIC) will on Friday meet and be briefed about government's decision to institute a commission of inquiry.

National Treasury announced on Thursday that President Cyril Ramaphosa had agreed to appoint a commission of inquiry into alleged improprieties at the state-owned fund manager. 

PIC spokesperson Sekgoela Sekgoela told the African News Agency (ANA) that the board was meeting later on Friday to discuss the pending inquiry.

"The matter is now with the finance minister and I cannot say anything about it. But we have prepared something for the board and they will decide after the meeting if they would make public their sentiment about the inquiry," Sekgoela in a telephonic interview. 

The PIC invests government pensions and handles assets worth about R1.928 trillion. It is one of the biggest known funds on the African continent.

Terms of reference of the commission will include a review of the PIC's governance and operating model, possible changes to the PIC's founding legislation and its Memorandum of Incorporation and investment decision-making framework. 

Names of the chair of the commission and the supporting team, as well as the detailed terms of reference of the commission, are yet to be announced.

Meanwhile, the African National Congress (ANC) has "welcomed" the announcement of a commission of inquiry, saying that it was decisive action by Ramaphosa.