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The DA demands that the Public Investment Corporation (PIC) Board Chairperson should not be a politician.
On Wednesday, 15 July 2026, the PIC repeated the false claim that the recommendations of the Mpati Commission have been fully implemented.
That claim is demonstrably false.
Among the recommendations that remain unimplemented are:
- that the PIC Chairperson should be an independent, non-executive person with appropriate pension fund, financial markets, governance and investment expertise;
- that the Deputy Minister of Finance should no longer serve as Chairperson of the PIC;
- that political appointments to the Board should be avoided to reduce political interference; and
- that the Board should reconsider the reinstatement of former company secretary Bongani Mathebula.
Despite this, the PIC classified each of these recommendations as "Fully Implemented" in its report to Parliament on 5 December 2025.
Now it has repeated the same false claim.
At the same time, the PIC continues to conceal its final reports on the implementation of the Mpati Commission's recommendations.
Six years after the Commission concluded its work, these reports remain hidden from the public.
The DA has referred this matter to the Information Regulator.
Why is the PIC hiding these reports?
Why does it continue to tell Parliament that recommendations have been fully implemented when key recommendations plainly have not?
Enough is enough.
Deputy Minister David Masondo should be the last politician to serve as Chairperson of the PIC board and should be replaced with an independent person as soon as possible.
The outstanding Mpati reforms must be implemented in full so that the pension savings of South Africa's teachers, nurses, police officers and other public servants are protected through independent, professional governance.
Issued by Andrew Bateman MP - DA Deputy Spokesperson on Appropriations
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