South Africa’s Deputy Finance Minister David Masondo has resigned as chairperson of the Public Investment Corporation (PIC) board, amid growing scrutiny over governance issues at the state-owned asset manager.
Masondo announced his resignation on Thursday, saying the decision followed careful consideration. The PIC, which manages more than R3 trillion in assets, is currently facing pressure after its chief executive was suspended pending an investigation into allegations raised by a whistleblower.
South Africa’s financial regulator has also launched a governance probe into the institution.
The PIC manages funds mainly on behalf of the Government Employees Pension Fund and remains the largest investor on the Johannesburg Stock Exchange.
The asset manager has faced governance challenges for more than a decade, with previous investigations highlighting concerns around oversight, accountability and investment decision-making.
Masondo’s resignation comes as authorities continue efforts to strengthen governance and restore confidence in one of Africa’s largest investment institutions.