The new board of the Public Investment Corporation (PIC) met on Thursday to constitute the required board oversight and corporate governance structures to ensure institutional stability and continuity at the PIC.

The board also welcomed the judgment by the Pretoria High Court earlier this week, declaring the precautionary suspension of CEO Patrick Dlamini invalid and unlawful. Dlamini has resumed his duties as CEO and executive director.

"The board shall ensure that allegations against the CEO in a whistleblower report, that was the subject of the High Court litigation, is investigated independently and will follow due processes," it stated.

It adds that the PIC will fully cooperate with ongoing investigations by the Special Investigating Unit, the Public Protector and the Financial Sector Conduct Authority.

"The priority for the board is to ensure the governance and oversight structures are in place for the PIC to carry out its investment processes and business functions without delay," the PIC stated.