Africa’s Biggest Fund Manager Seeks to Salvage Soiled Reputation
The image of Africa’s biggest fund manager has been damaged by allegations of misconduct and breaches of corporate governance and the institution must now strive to preserve what’s left of its reputation, its interim chairman Reuel Khoza said.
The Public Investment Corporation, which oversees 2.13 trillion rand ($139 billion) of mainly South African government worker pensions, has been the subject of a commission of inquiry.
That’s involved months of public testimony into allegations of political interference and questionable investment decisions.
Key Insights
- The organization will need to “salvage what is left of its reputation,” Khoza said in The PIC’s annual report. The chief executive officer left in November and his acting replacement was suspended for interfering with the inquiry. Other senior executives have also been suspended. In a gallery of the money manager’s 15-member executive committee, eight were listed as being in an acting capacity, two were suspended and two others have left.
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