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The Chairperson of the Standing Committee on Finance, Dr Joe Maswanganyi, has noted the resignation of the Public Investment Corporation (PIC) Board Chairperson, Dr David Masondo.

Dr Maswanganyi has expressed his appreciation to Dr Masondo for his service and leadership during his tenure as PIC Board Chairperson. He also recognises Dr Masondo’s contribution to strengthening governance and oversight at one of South Africa’s key state-owned asset management institutions.

Dr Maswanganyi is of the view that the Board’s leadership transition should be managed in an orderly and transparent manner to safeguard institutional continuity and ensure that the corporation remains focused on executing its mandate effectively and in the best interests of its clients and beneficiaries.

In this regard, he called on the Minister of Finance, as the shareholder representative, to ensure governance stability at the PIC by putting in place appropriate interim governance arrangements where necessary.

“The committee will pay a close attention to developments as we continue to exercise our oversight over the governance and operations of the PIC to ensure that it remains a well-governed, accountable and financially sound institution that discharges its fiduciary responsibilities with integrity and in the public interest,” said Dr Maswanganyi.

Issued by Parliamentary Communication Services on behalf of the chairperson of the standing committee on finance, Dr Joe Maswanganyi