PUBLIC INVESTMENT CORPORATION24 JUL 2026Masondo resigns as PIC chair as Godongwana prepares sweeping board overhaulPublic Investment Corporation (PIC) chairperson David Masondo has resigned as Finance Minister Enoch Godongwana…Hasina Kathrada6 min read

If appointed, Godlimpi would replace Masondo as chairperson, ending thepractice of the deputy finance minister chairing the PIC board and markinga significant shift in the corporation’s governance Public Investment Corporation (PIC) chairperson David Masondo has resigned as Finance Minister Enoch Godongwana prepares a sweeping overhaul of the board of Africa’s largest asset manager. TheMail & Guardianhas learnt that Deputy Trade, Industry and Competition Minister Zuko Godlimpi has emerged as the preferred candidate to replace Masondo as chairperson, although the appointment has yet to be finalised. Masondo’s resignation follows months of governance turmoil at the PIC, marked by the precautionary suspension of chief executive Patrick Dlamini, the resignation of six non-executive directors, protected disclosures submitted to Parliament alleging political interference and a governance investigation by the Financial Sector Conduct Authority (FSCA).

In his resignation letter to Godongwana, Masondo said he was stepping down to help restore stability at the PIC after months of turmoil following the appointment of the new board eight months ago. He said he hoped his resignation would allow the institution to move forward with “renewed focus and confidence”. Masondo also said the PIC’s investment portfolio had increased by more than R1 trillion during his tenure and that governance reforms flowing from the Mpati Commission had been implemented where they fell within the board’s control.

He added that he would provide fuller reasons for his decision in due course. The PIC manages more than R3 trillion on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund, the Compensation Fund and other public entities, making it Africa’s largest asset manager and one of South Africa’s most important financial institutions. A senior figure familiar with the board’s deliberations said the dispute was never simply about Dlamini’s suspension.

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“This is not a contest of personalities. The issue is the tension between legitimate shareholder oversight and the board’s independence. The Minister’s concern is fair.

No Minister of Finance could sit on his hands.” According to the source, the board acted only after receiving a protected disclosure, obtaining legal advice and following the PIC’s whistleblower policy before resolving to suspend Dlamini pending an independent investigation. “A suspension is not a verdict, and none of these processes has made a finding against anyone. The chairperson reported to the shareholder, followed the policy, and took the uncomfortable decision rather than the convenient one.” Asked about allegations of political interference, Godongwana declined to comment.

“I know nothing about that. I can’t comment,” he said.

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