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Cabinet has announced the new board of South Africa’s state-run asset manager, the Public Investment Corporation (PIC).
It manages over R2 trillion in investments on behalf of public servants.
Cabinet released the names of 13 people who will serve on the fund manager’s board, after the previous interim board’s term ended on 30 October.
The outgoing chairperson of the group’s board, Reuel Khoza, did not retain his seat.
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According to new rules governing how the board is chosen, the chairperson has to be either the finance minister, the deputy finance minister, or a member of the economic cluster.
Reverting to previous form, deputy finance minister David Masondo is the new chair.
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