<\/p>\n
Africa\u2019s largest money manager plans to appoint private contractors to help change its culture after a slew of suspensions and resignations left the state firm without a\u00a0chair, board or\u00a0chief executive officer.<\/p>\n
The Public Investment Corporation (PIC), which manages about $220 billion (R3.7 trillion) in public pensions, is looking for service providers to \u201cdesign and facilitate and implement the culture-transformation interventions\u201d that were identified as necessary in an internal survey, and for human resources to help implement them over a five-year period, according to a notice on its website.<\/p>\n
Read:<\/p>\n
PIC rocked by governance woes \u2026 again<\/p>\n
Among the deliverables are \u201cfostering psychological safety and trust, including facilitation of the employee-healing process\u201d and the \u201cfacilitation of courageous conversations\u201d.<\/p>\n
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The fund manager has lurched from one crisis to the next over the past decade.<\/p>\n
The latest culminated in the resignation of chair David Masondo \u2013 who also serves as South Africa\u2019s deputy finance minister \u2013 after a clash with Finance Minister Enoch Godongwana over the decision to suspend PIC CEO Patrick Dlamini.<\/p>\n
Read:<\/p>\n
PIC CEO Patrick Dlamini suspended amid whistleblower allegations
\nMasondo reassures PIC staff amid governance turmoil
\nBatandwa Damoyi appointed as acting PIC CEO<\/p>\n
The disagreement escalated, resulting in several directors resigning their posts, and eventually in Masondo\u2019s own resignation ahead of a meeting in which he was set to be removed by Godongwana.<\/p>\n
A 2020 judicial commission of inquiry chaired by retired Judge Lex Mpati found widespread governance issues at the PIC and made several recommendations, including that the fund appoint a professional and independent investment executive as chair.<\/p>\n
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This would require legislative changes that haven\u2019t been effected.<\/p>\n
\u00a9\u00a02026\u00a0Bloomberg<\/p>\n
#PIC #seeks #private #fixers #governance #meltdown<\/p>\n","protected":false},"excerpt":{"rendered":"
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