Public Investment Corporation board chairperson Dr David Masondo has resigned, saying he is stepping aside “in the interests of the Republic of South Africa” to protect the stability of the institution and public confidence in it.
In a media release issued on Wednesday, Dr Masondo confirmed he had tendered his resignation after “careful reflection”.
“I acted with integrity and in good faith,” Dr Masondo said. He served “at the pleasure of the shareholder minister”, and the minister of finance had recognised he performed his duties with “integrity and in good faith”.
“Throughout my tenure, I sought to discharge my fiduciary responsibilities without fear or favour. In this instance, my actions were guided by the imperative to protect and safeguard the funds entrusted to the PIC on behalf of South Africa’s workers and their beneficiaries,” he said.
He defended the board’s record, stating it “acted collectively, in good faith, based on sound legal advice and in accordance with the principles of good governance.”
“I remain confident in the integrity of the decisions we took,” he added.
The PIC manages more than R2.5 trillion in public sector pension funds and plays a central role in investment, industrialisation and economic growth.
Leadership must put the institution first
Dr Masondo said leadership requires “placing the institution above oneself”.
“It is therefore prudent that I step aside to avoid any uncertainty or distraction that could affect the stability of the PIC or undermine confidence in its work,” he said.
He wished the PIC and the new board “every success in the important work that lies ahead” and urged them to continue protecting workers’ savings and growing investments.
Calls for outstanding matters to be resolved
In his statement, Dr Masondo flagged several unresolved issues from the previous board’s tenure and called for them to be “thoroughly investigated and appropriately addressed, rather than being swept under the carpet.”
These include:
- The whistleblower report allegations against the CEO;
- The Acapulco matter, which he said he referred to the SIU.
He noted some matters “will be before the High Court on the 28th of July 2028” and said it was his “considered view that the judicial process should be allowed and enabled to proceed unhindered”.
“For the sake of transparency and accountability, it is important that these issues be determined by the courts and brought to their proper legal conclusion, despite the resignation of the previous board,” he said.
Dr Masondo also urged urgency in pursuing governance and investment reforms, particularly in the unlisted portfolio, and in filling critical vacancies at the PIC. He thanked board members, management and staff for their “professionalism, diligence, and unwavering commitment to rebuilding and strengthening this important institution.”
“It has been an honour to serve alongside such dedicated professionals,” he said. “I leave the Board with confidence in the institution… and an unwavering belief that the PIC will continue to play a vital role in safeguarding the savings of South Africa’s workers.”
- Dr. David Masondo resigned as chairperson of the Public Investment Corporation (PIC) to protect the institution’s stability and maintain public confidence.
- He emphasized acting with integrity and good faith, defending the board’s decisions as lawful and in line with good governance principles.
- Masondo highlighted unresolved issues, including whistleblower allegations against the CEO and the Acapulco matter, calling for thorough investigations and allowing court processes to proceed.
- He urged urgent governance and investment reforms, particularly in the unlisted portfolio, and stressed the importance of filling critical vacancies at the PIC.
- Masondo expressed confidence in the PIC’s future, thanked staff for their dedication, and encouraged continued protection of workers’ savings and investment growth.
Public Investment Corporation board chairperson Dr David
In a media release issued on Wednesday, Dr
“I acted with integrity and in good faith," Dr
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He defended the board's record, stating it “acted collectively, in good faith, based on sound legal advice and in accordance with the principles of good governance.”
“I remain confident in the integrity of the decisions we took,” he added.
Dr
“It is therefore prudent that I step aside to avoid any uncertainty or distraction that could affect the stability of the PIC or undermine confidence in its work,” he said.
He wished the PIC and the new board “every success in the important work that lies ahead” and urged them to continue protecting workers’ savings and growing investments.
In his statement, Dr
The The
He noted some matters “will be before the High Court on the 28th of July 2028” and said it was his “considered view that the judicial process should be allowed and enabled to proceed unhindered".
“For the sake of transparency and accountability, it is important that these issues be determined by the courts and brought to their proper legal conclusion, despite the resignation of the previous board," he said.
Dr
“It has been an honour to serve alongside such dedicated professionals,” he said. “I leave the Board with confidence in the institution... and an unwavering belief that the PIC will continue to play a vital role in safeguarding the savings of
