JOHANNESBURG – Dr David Masondo has resigned as chairman of the Public Investment Corporation (PIC), further accelerating the wave of resignations as the state-owned asset manager's governance crisis deepens.
PIC, which manages more than R3 trillion of assets, mainly public sector pensions, has had six non-executive directors resign this month in July 2026.
The resignations began on or about July 15, 2026, days after non-executive directors Thabi Nkosi and Nosiphiwo Balfour resigned and the board voted 9-2 to place PIC CEO Patrick Dlamini on preventive suspension.
A further four directors, Lerato Makwetla, Lindy Bodewig, Mpuumelo Maseko and Dorothy Corby, resigned shortly afterwards, leaving the board with six out of 11 members.
The board suspended Mr Dlamini pending an investigation into allegations in the whistleblower report of governance violations, fraud and related matters, including PwC's investigation into controversial investments.
A whistleblower notice sent to Parliament's Standing Committee on Finance reportedly shows that Finance Minister Enoch Godongwana objected to the suspension and pressured the board to lift it, threatening to dissolve the board if it did not comply.
The whistleblower accused the minister of interfering with ongoing disciplinary, forensic and regulatory processes, and argued that Mr Dlamini had long claimed personal protection from the minister.
Yesterday, Thursday, July 23, 2026, Mr. Masondo, an economist and educator who serves as Deputy Minister of Finance, announced his resignation.
“After careful consideration, I have decided to resign as Chairman of the Board of Directors of the Public Investment Corporation,” Masondo said in a statement.
“I do so in the interests of the Republic of South Africa, the continued stability of the PIC and the confidence of the millions of South Africans who entrust their savings to this institution.
“As Chairman of the Board, I served at the behest of the Minister of Shareholders, whose powers are established by law and must be exercised with due care and diligence in accordance with the law.
“I am pleased that the Minister of Finance has recognized that I have acted with integrity and integrity in carrying out my duties.”
Mr Masondo said that under his chairmanship, PIC had increased its investment portfolio by more than R1 trillion.
Last month, Mr. Masondo referred matters arising from Akpurco's investment transactions to the Special Investigations Unit for investigation, following the findings and recommendations contained in PwC's report.
Mr Masondo's resignation comes ahead of a general meeting of shareholders to be convened by Minister Godongwana on Monday 27 July 2026, at which the removal of the remaining directors was to be considered.
Meanwhile, the Financial Sector Conduct Authority has launched an investigation into the PIC's governance.
The turmoil has raised concerns about political influence over the agency and risks to the retirement savings it manages on behalf of public sector clients.
