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What a difference a week makes.
The Public Investment Corporation (PIC) went from a slew of non-executive director resignations to a shiny new board of directors, chaired by one of the main players in the implementation of the Mpati Commission reforms, Seiso Joel Mohai — you may also know him as deputy minister in the Presidency for planning, monitoring and evaluation.
And that’s where it gets tricky. According to Parmi Natesan, CEO of the Institute of Directors in South Africa, the PIC chair should be independent.
“The chairperson is responsible for leading the governing body in the objective, ethical and effective discharge of its governance responsibilities,” she explains.
“The chairperson shapes board culture, facilitates robust debate, encourages constructive challenge, manages board dynamics and helps ensure that decisions are taken in the best interests of the organisation.”
Even the Mpati Commission concluded that. And now the guy who helped rewrite that exact part of the PIC Act is in the seat.
An added dose of nuance
Unlike traditional corporate chairpersons with legal or chartered accountancy backgrounds, Mohai holds a Master of Science in Technology and Management and a postgraduate diploma in Management of Technology and Innovation.
This equips him to oversee the modernisation of the PIC’s data architecture and evaluate early-stage venture capital.
Mohai’s appointment is a calculated move to inject legislative authority and political stabilisation into the PIC. Because he championed the statutory mechanism designed to prevent the looting of public pensions (the PIC Amendment Act), he holds the credibility and political capital with the labour unions that will mitigate union backlash.
He received the blessing of Cosatu after the announcement.
His primary challenge will be to prove his political background serves as a shield against political interference, rather than a conduit for it, and that he will not undermine commercial mandates to advance factional imperatives.
And remember, the board must immediately address the leadership vacuum and the ongoing high court litigation initiated by suspended CEO Patrick Dlamini, and continue executing the governance and transparency reforms recommended by the Mpati Commission, while erecting an impenetrable firewall against factional political interference.
Looking around the table
Mohai is among eight newly appointed members to the PIC board officially announced on Thursday. The newly named board reflects a carefully balanced skill set, pairing corporate leaders with public sector authorities to directly target the PIC’s core vulnerabilities. The Cabinet vetted this lineup with meticulous care.
What each director brings to the PIC table:
Adv Gatlelane Ouma Rasethaba (legal and corporate risk): With more than 30 years spanning state prosecution and private corporate risk, Rasethaba will anchor the board’s risk committee. Her expertise is critical for aggressively pursuing civil recoveries, managing SIU referrals, and navigating complex litigation like the Lanseria/Acapulco dispute.
Lebogang Mokgabudi (digital finance & pension oversight): An expert in digital financial services, Mokgabudi is also a sitting independent specialist trustee at the Government Employees Pension Fund (GEPF). Her dual role provides a vital bridge between the PIC and its largest client, reducing principal-agent friction and aligning investments with the GEPF’s actuarial requirements.
Bajabulile Swazi Tshabalala (development finance): A heavyweight in infrastructure funding and former Transnet Group treasurer, Tshabalala’s expertise in hybrid debt structuring is precisely what the board needs to restructure underwater assets in the troubled Isibaya portfolio and enforce rigorous due diligence.
Vivien McMenamin (industrial strategy & ESG): McMenamin brings top-tier real-economy executive experience, having led large-scale, capital-intensive manufacturing operations. She provides the board with the operational lens needed to evaluate infrastructure and agricultural assets, alongside deep global experience in environmental, social and governance (ESG) mandates.
Moipone Ramoipone (public finance compliance): Formerly the acting accountant-general at the National Treasury, Ramoipone is an expert in the Public Finance Management Act. She ensures the PIC’s financial reporting and procurement align with Auditor-General standards, drastically reducing the risk of statutory non-compliance.
Itani Mafune (audit rigour): A contemporary CA with a background at PwC and Absa, Mafune injects strict International Financial Reporting Standards competence and risk advisory skills to anchor the audit committee, which is vital for evaluating complex private equity valuations and restoring ethical standards.
Patience Nqetho (stakeholder representation): Her appointment satisfies the statutory requirements of the PIC Amendment Act (2019), which mandates diverse stakeholder representation on the board. She ensures the voices of labour unions and depositors (the ultimate beneficiaries of the funds) are integrated into high-level decision-making.
Impeccable timing
This collection of experts will oversee a corporation that is currently being led by Acting CEO Batandwa Damoyi, who has, in turn, committed to facilitating a seamless induction process for the incoming board.
Well, at least until the Patrick Dlamini matter is settled.
Speaking of… the Auditor-General of South Africa (Agsa) has launched a probe into an external auditor, Gary Kartsounis, a senior partner at the audit firm Crowe.
Kartsounis provided financial valuation services for the highly disputed transaction between the PIC and Acapulco concerning the Lanseria Holdings stake. These specific valuations — which allegedly resulted in the controversial R410-million arbitration award to Acapulco despite its R630-million debt — are now being formally questioned.
The Agsa probe runs parallel to adverse findings and sanctions already handed down against Kartsounis by the Independent Regulatory Board for Auditors regarding unrelated audit files that failed to meet quality standards.
To ensure the integrity of its own supreme audit processes is not compromised by these external firm allegations, the Agsa audit committee has convened a special session to get an explanation from Crowe’s management and implement enhanced oversight measures.
We may finally get an answer to that R900-million question. DM
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