25 July 2026
The Federation of Unions of South Africa (FEDUSA) expresses grave concern over the governance failures at the Public Investment Corporation (PIC). The resignation of Deputy Finance Minister David Masondo as Chairperson of the PIC Board, along with a series of resignations by other Board members, is deeply troubling and requires urgent intervention to restore confidence in the institution.
FEDUSA welcomes the assurance from the Government Employees Pension Fund (GEPF) that these developments will not impact payouts to its members, pensioners, and beneficiaries.
In 2020, the Mpati Commission of Inquiry identified serious governance failures at the PIC, including a disregard for policies, conflicts of interest, and possible criminal conduct. The Commission recommended the urgent recovery of lost funds, strengthened oversight, forensic investigations, and legal action. It further emphasised the need for reforms in governance structures, Board roles, and the operating model, alongside improved transparency, compliance, and monitoring systems. Weaknesses in legislation, IT security, human resource practices, and political interference were also highlighted as areas requiring urgent attention to restore accountability and public trust. However, it is evident that the Commission’s recommendations have not been taken seriously over the past six years leading to further governance failures.
If these failures persist, they will further deepen the crisis within this critical public institution. Therefore, FEDUSA urges the Minister of Finance and Cabinet to prioritise the appointment of a new Board which must include worker representatives.
END.