Board of Directors

Board of Directors

PIC is governed by a Board of Directors with 10 (ten) members, of whom 10 (ten) are independent Non-Executive Directors, excluding the traditionally non-executive Chairman and 2 (two) Executive Directors being the Chief Executive Officer and the Chief Financial Officer.

The Board has a dual mandate:
•Advisory: Provide guidance and consult with management regarding strategic and operational direction of the company.
•Oversight: Monitor company performance and reduce agency costs.

The responsibilities of the Board are separate and distinct from those of management. The Board’s overarching role is to maintain sound corporate governance within PIC. As such, its responsibilities include appointing executive management , approving corporate strategies, identifying risk areas and overseeing risk management, designing executive compensation packages, ensuring the integrity of published financial statements, representing the interest of the shareholder, ensuring that the company complies with laws and codes, ensuring that an effective governance framework is in place and ensuring that PIC’s business is managed prudently and responsibly.

The Board is assisted by 6 (six) Board committees, namely the Audit and Risk Committee, the Social and Ethics Committee, the Investment Committee, the Human Resources and Remuneration Committee, the Directors’ Affairs Committee, and the IT Governance Committee. The Board has also established 3 (three) Fund Investment Panels as sub-committees of the Investment Committee to assist the Board in discharging its statutory duties and responsibilities in relation to investments in South Africa, offshore and the rest of the African continent.

Board members are appointed by the Minister of Finance (in consultation with Cabinet), who represents PIC’s sole shareholder, the South African government. Directors are appointed on the grounds of their knowledge and experience, mainly in the financial services environment. Three members on the current Board are chartered accountants, with the other seven members holding advanced qualifications in fields such as financial economics, business leadership, human resources management, applied mathematics and law.

 

Deputy Minister of Finance -Mr Mcebisi Jonas-NTS_2391-Mr Mcebisi Jonas, Chairperson

Positions

  • Deputy Minister of Finance
  • Non-Executive Director

 

Qualifications

  • Bachelor of Arts in History and Sociology
  • Higher Diploma in Education

 

PIC Portraits_22Mr Roshan Morar, Deputy Chairperson and Independent Non-Executive Director

Positions

  • Independent Non-Executive Director
  • Deputy Chairman of the PIC Board
  • Chairman of the PIC Investment Committee
  • Chairman of the PIC Private Equity, Priority Sector and Small Medium Enterprises Fund Investment Panel

Qualifications

  • Chartered Accountant (South Africa)
  • Bachelor of Commerce (Accounting)
  • Postgraduate Diploma in Accounting (CTA)
  • Certified Fraud Examiner

Memberships

  • Member of the PIC Directors’ Affairs Committee
  • Member of the PIC Property Fund Investment Committee
  • Member of the Board of Airports Company of South Africa
  • Member of the Board of Adcock Ingram Limited
  • Member of the Board of the South African National Roads Agency

 

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Dr Daniel Matjila, Chief Executive Officer

Positions

  • Chief Executive Officer
  • Executive Director

 


Qualifications

  • Doctor of Philosophy (PhD) in Mathematics
  • Master of Science in Applied Mathematics
  • Postgraduate Diploma in Mathematical Finance
  • Bachelor of Science (Honours) in Applied Mathematics
  • Advanced Management Programme
  • Senior Management Programme

Memberships

  • Member of the PIC Directors’ Affairs Committee
  • Member of the PIC Investment Committee
  • Member of the PIC Property Fund Investment Panel
  • Member of the PIC Private Equity, Priority Sector and Small Medium Enterprises Fund Investment Panel
  • Member of the PIC Social and Economic Infrastructure and Environmental Sustainability Fund Investment Panel
  • Member of the PIC Information, Communication and Technology Governance Committee
  • Member of the Board of Ecobank Transnational Incorporated
  • Member of the Board of Community Property Company (Pty) Ltd
  • Member of the Board of BVI (Pareto) Limited

 

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Ms Matshepo More, Chief Financial Officer

Positions

  • Chief Financial Officer
  • Executive Director

 


Qualifications

  • Chartered Accountant (South Africa)
  • Certificate in the Theory of Accounting
  • Bachelor of Business Science (Finance)
  • Accredited SAICA Assessor

Memberships

  • Member of the PIC Investment Committee
  • Member of the PIC Property Fund Investment Panel
  • Member of the PIC Private Equity, Priority Sector and Small Medium Enterprises Fund Investment Panel
  • Member of the PIC Social and Economic Infrastructure and Environmental Sustainability Fund Investment Panel
  • Member of the PIC Information, Communication and Technology Governance Committee
  • Member of the Board of Pareto Limited
  • Member of the Board of BVI (Pareto) Limited
  • Member of the Board of CBS Property Management (Pty) Ltd
  • Member of the Board of ADR International Airport South Africa
  • Member of the Board of Community Property Company (Pty) Ltd
  • Member of the Board of Association of Black Accountants of South Africa

 

PIC Portraits_19Ms Sandra Beswick, Independent Non-Executive Director

Positions

  • Independent Non-Executive Director

 

 

Qualifications

  • Bachelor of Commerce(Honours)

Memberships

  • Member of the PIC Information, Communication and Technology Governance Committee
  • Member of the PIC Private Equity, Priority Sector and Small Medium Enterprises Fund Investment Panel
  • Member of the PIC Audit and Risk Committee

 

Mr Trueman Goba, Independent Non-Executive Director

Position

  • Independent Non-Executive Director
  • Chairman of the PIC Property Fund Investment Panel

 

 

Qualifications

  • Registered Professional Engineer (SA)
  • Master of Engineering (Civil)
  • Bachelor of Science in Engineering
  • Survey Technician’s Diploma
  • Diploma in Management (Public Policy and Development Administration)

Memberships

  • Member of the PIC Human Resources and Remuneration Committee
  • Member of the PIC Information, Communication and Technology Governance Committee
  • Member of the Board of Hatch Goba (Pty) Ltd
  • Member of the Board of Goba (Pty) Ltd
  • Member of the Board of Independent News Media

 

Ms Dudu Hlatshwayo, Independent Non-Executive Director

Position

  • Independent Non-Executive Director

 

 

Qualifications

  • Master of Business Administration
  • Bachelor of Social Science (Honours)
  • Senior Executive Leadership Development Programme
  • Diploma in Marketing Management
  • Diploma for Successful Participation in the Owner Value Programme
  • Certificate in Product Strategy and Brand Management

Memberships

  • Member of the PIC Human Resources and Remuneration Committee
  • Member of the PIC Investment Committee
  • Member of the PIC Private Equity, Priority Sector and Small Medium Enterprises Fund Investment Panel
  • Member of the Board of Lanseria International Airport
  • Member of the Board of Land Bank
  • Member of the Board of Afmetco
  • Member of the Board of KZN Growth Fund
  • Member of the Board of Erin Energy Corporation

 

PIC Portraits_25Dr Claudia Manning, Independent Non-Executive Director

Position

  • Independent Non-Executive Director
  • Chairman of the PIC Information, Communication and Technology
    Governance Committee

 

Qualifications

  • Doctor of Philosophy
  • Master of Philosophy
  • Bachelor of Arts (Honours) (Economic History)

Memberships

  • Member of the PIC Directors’ Affairs Committee
  • Member of the PIC Investment Committee
  • Member of the PIC Social and Ethics Committee
  • Member of the Board of Basil Read Holdings (Pty) Ltd
  • Member of the Board of Mondi Zimele (Pty) Ltd
  • Member of the Board of Sangena Investments (Pty) ltd
  • Member of the Board of MSC Education Holdings

 

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Mr Patrick Mngconkola, Independent Non-Executive Director

Positions

  • Independent Non-Executive Director
  • Chairman of the PIC Human Resources and Remuneration Committee

 

 

Qualifications

  • Bachelor of Technology in Business Administration
  • Bachelor’s Degree in Human Resources Management
  • National Diploma in Police Administration
  • Diploma in Personnel and Training Management

Memberships

  • Member of the PIC Directors’ Affairs Committee
  • Member of the PIC Audit and Risk Committee
  • Member of the PIC Investment Committee
  • Member of the Board of V&A Waterfront
  • Member of the Board of Growthpoint Properties Limited

 

PIC Portraits_11Mr Pitsi Moloto, Independent Non-Executive Director

Position

  • Independent Non-Executive Director

 

 

Qualifications

  • Masters in City Planning
  • Masters in Business Administration

Memberships

  • Member of the PIC Social and Ethics Committee
  • Member of the PIC Information, Communication and Technology Governance Committee
  • Member of the PIC Social and Economic Infrastructure and Environmental Sustainability Fund Investment Panel

 

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Ms Tantaswa Nyoka, Independent Non-Executive Director

Position

  • Independent Non-Executive Director
  • Chairman of the PIC Audit and RiskCommittee

 

Qualifications

  • Chartered Accountant (South Africa)
  • Higher Diploma in Banking Law
  • Post-Graduate Diploma in Accounting
  • Bachelor of administration ( Honours)

Memberships

  • Member of the PIC Directors’ Affairs Committee
  • Member of the PIC Human Resources and Remuneration Committee
  • Member of the PIC Social and Ethics Committee
  • Member of the PIC Property Fund Investment Panel

 

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Ms Lindiwe Toyi, Independent Non-Executive Director

Position

  • Independent Non-Executive Director
  • Chairman of the PIC Social and Ethics Committee

 

 

Qualifications

  • Master of Business Administration
  • B Social Science (Electrical Engineering)
  • National Higher Grade Diploma in Electrical Engineering
  • National Diploma in Electrical Engineering

Memberships

  • Member of the PIC Directors’ Affairs Committee
  • Member of the PIC Investment Committee
  • Member of the PIC Social and Economic Infrastructure and Environmental Sustainability Fund Investment Panel

 

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Ms Sibusisiwe Zulu, Independent Non-Executive Director

Positions

  • Independent Non-Executive Director
  • Chairman of the PIC Social and Economic Infrastructure and Environmental Sustainability Fund Investment Panel

 

Qualifications

  • Admitted Attorney
  • Bachelor of Law (LLB)
  • Advanced Diploma in Corporate Law
  • Certificate in Business Rescue
  • Certificate in Practical Legal Training

Memberships

  • Member of the PIC Audit and Risk Committee
  • Member of the PIC Property Fund Investment Panel
  • Member of the Board of Ngubane Wills Incorporated
  • Member of the Board of Municipal Bid Appeals Tribunal
  • Member of the Board of Umngeni Municipality