SADTU statement on the appointment of new PIC CEO

27 May 2020

The South African Democratic Teachers’ Union (SADTU), the biggest union in the education and public service sector, welcomes the appointment of Abel Moffat Sithole as the CEO of Public Investment Corporation (PIC).

We hope that with his vast experience, Sithole will be able to steer the PIC in the right direction and restore its reputation. He is currently the Principal Executive Officer of the Government Employee Pension Fund and Commissioner of the Financial Sector Conduct Authority.

The PIC is Africa’s largest asset manager managing over R2 trillion worth of assets on behalf of South Africa’s public servants. The Corporation was subjected to a commission of enquiry led by Justice Lex Mpati after reports of looting of funds in the Corporation. The then PIC CEO Dan Matjila resigned in November 2018 after being implicated in among other things, misconduct and corruption.

When businessman Ruel Khoza was appointed as PIC Interim Board chairman in July last year, for the first time in organisation’s history, representatives from labour were appointed as non-executive directors in the Interim Board. The board prioritised to fill the position of the CEO in order to ensure stability in the institution.

We are happy the position has been filled. We wish Sithole well in leading the PIC. We urge the government to give him the autonomy he rightly deserves in order to lead this august organisation to its former glory. We however warn that workers are more than prepared to fight against the looters and political interference which nearly brought the PIC to its knees.

Issued by NomusaCembi, Media Officer, SADTU, 27 May 2020