South Africa Appoints Seiso Mohai to Chair PIC Board

The South African Cabinet appointed Seiso Mohai, the Deputy Minister in the Presidency for Planning, Monitoring and Evaluation, as the new chairperson of the Public Investment Corporation (PIC) board. Mohai replaces Deputy Finance Minister David Masondo, who resigned following an ultimatum from President Cyril Ramaphosa and leadership conflicts with Finance Minister Enoch Godongwana.

The appointment comes amid a severe governance crisis at the PIC, which manages over R3.6-trillion in assets. This turmoil included a power struggle between Masondo and the PIC's CEO, Patrick Dlamini, who remains suspended following whistleblower allegations and is currently challenging that decision in court. The instability led to a wave of resignations, including Masondo and five non-executive directors.

To ensure oversight, the government also appointed eight new non-executive board members representing the National Treasury and the Government Employees Pension Fund. President Ramaphosa previously considered moving the PIC entirely to the Presidency to stabilize the agency, but legal counsel advised that such a shift would require legislative amendments. Because the Presidency holds economic cluster status, the law permitted the appointment of a Presidency official to chair the board while the agency remains under the Treasury.

Minister in the Presidency Khumbudzo Ntshavheni announced the changes in Pretoria, stating the move aims to restore institutional stability and investor confidence. The government intends to revisit reforms recommended by the Judge Mpati commission, with Finance Minister Enoch Godongwana tasked with driving those reforms in consultation with the cabinet.