Board of Directors

Board of Directors

PIC is governed by a Board of Directors with 11 members, of whom 8 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.

 

Mr Mondli Gungubele, Chairperson (MP)

Positions

  • Deputy Minister of Finance
  • Non-Executive Director

 

 

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Ms Matshepo More, Acting Chief Executive Officer; and Chief Financial Officer

Positions

  • Acting Chief Executive Officer; and 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 (Dormant)
  • Member of the Board of ADR International Airport South Africa
  • Member of the Board of Delta Africa Holdings
  • Member of the Board of Industrial Development Corporation SOC Ltd
  • Member of the Board of Business Venture Investments No 1780 (Pty) Ltd (Dormant)

 

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
  • Member of the PIC Human Resources and Remuneration Committee
  • Member of the PIC Social & Economic Infrastructure and Environmental Sustainability Fund Investment Panel
  • Member of the Board of Sandra Beswick & Associate
  • Member of the Board of Let It Grow Foundation

 

Mr Trueman Goba, Independent Non-Executive Director

Position

  • Independent Non-Executive Director
  • Chairman of the PIC Property Fund Investment Panel
  • Chairman of the PIC Human Resources and Remuneration Committee

 

 

Qualifications

  • Doctor of Science
  • 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 Information, Communication and Technology Governance Committee
  • Member of the PIC Directors’ Affairs Committee
  • Member of the PIC Investment 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
  • Member of the Board of Lanseria International Airport
  • Member of the Board of Scouts SA
  • Member of the Board of International Council of Academies of Engineering and Technological Sciences (CAETS)

 

Ms Dudu Hlatshwayo, Independent Non-Executive Director

Position

  • Independent Non-Executive Director
  • Chairman of the Private Equity, Priority Sector and Small Medium Enterprise Fund Investment Panel

 

 

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 Directors Affairs Committee
  • Member of the PIC Human Resources and Remuneration Committee
  • Member of the PIC Investment Committee
  • Member of the Information, Communication and Technology Governance Committee
  • Member of the Board of Land Bank
  • Member of the Board of KZN Growth Fund
  • Member of the Board of Erin Energy Corporation
  • Member of the Board of Pareto Limited

 

Dr Xolani Mkhwanazi, Independent Non-Executive Director

Position

  • Independent Non-Executive Director
  • Deputy Chairman of the PIC Board
  • Deputy Chairman of the PIC Directors’ Affairs Committee
  • Chairman of the PIC Investment Committee

Qualifications

  • Doctor of Philosophy (PhD) in Applied Physics
  • Master of Science in Applied Physics
  • Bachelor of Science in Mathematics and Physics
  • Executive Development Program

Memberships

  • Member of the PIC Social and Ethics Committee
  • Member of the PIC Private Equity, Priority Sector and Small Medium Enterprise Fund Investment Panel
  • Member of the PIC Social & Economic Infrastructure and Environmental Sustainability Fund Investment Panel
  • Member of the Board of Phathela Investments (Pty) Ltd
  • Member of the Board of Gibela Rail Transportation
  • Member of the Board of Odgers Berndston South Africa
  • Member of the Board of Private Label Promotion
  • Member of the Board of Suth32 Limited
  • Member of the Board of Murray & Roberts Holdings

 

Ms Mathukana Mokoka, Independent Non-Executive Director

Position

  • Independent Non-Executive Director

 

 

 

Qualifications

  • Chartered Accountant (South Africa)
  • Certificate in the Theory of Accounting
  • Bachelor of Business Science in Finance
  • Postgraduate Diploma in Accounting
  • Postgraduate Diploma in Auditing
  • Postgraduate Diploma in Management (Financial Accounting)

Memberships

  • Member of the PIC Audit and Risk Committee
  • Member of the PIC Social and Ethics Committee
  • Member of the PIC Human Resources and Remuneration Committee
  • Member of the PIC Private Equity, Priority Sector and Small Medium Enterprise Fund Investment Panel
  • Member of the Property Fund Investment Panel
  • Member of the Board of Autopax Passenger Services SOC (Ltd)
  • Member of the Board of Contract Services Group Holdings – JSE AltX Listed
  • Member of the Board of Phalabora Mining Company (PtyO Ltd
  • Member of the Board of Rolfes Holdings – JSE AltX Listed
  • Member of the Board of Limpopo Tourism Agency

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
  • Member of the PIC Human Resources and Remuneration Committee
  • Member of the PIC Property Fund Investment Panel
  • Member of the Board of South Central Investments 42
  • Member of the Board of Kimbragen
  • Member of the Board of K2013103598
  • Member of the Board of Alexicento
  • Member of the Board of Pitsi Moloto Advisory Services

 

PIC Portraits_14

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 Audit and Risk Committee
  • Member of the PIC Investment Committee
  • Member of the PIC Social & Economic Infrastructure and Environmental Sustainability Fund Investment Panel
  • Member of the Board of Afrisam Consortium (Pty) Ltd
  • Member of the Board of Columbus Stainless (Pty) Ltd

 

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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 PIC Investment Committee
  • Member of the Board of Ngubane Wills Incorporated