JOHANNESBURG – The interim board of the Public Investment Corporation , which has been tasked with restoring proper corporate governance at the asset manager, has been accused of flouting processes in the recruitment of a new chief executive. According to claims made by a source close to the matter, the PIC board tasked executive search firm Heidrick & Struggles to assist with the recruitment of the new chief executive, yet the company was allegedly not on the PIC’s supplier list.
The source alleges this move was irregular, and revealed that when the matter was raised with the board, PIC director Maria Ramos threw a tantrum and went ahead with the process. This was after Africa’s largest asset manager had been subjected to a lengthy probe into impropriety by a commission of inquiry led by retired Judge Lex Mpati. The Mpati Commission completed and submitted its final report to the Office of the Presidency on December 15.
Although the report has not been made public, the PIC confirmed going ahead with the recruitment of a new chief executive. This raises questions of whether the commission’s recommendations would be implemented, such as the role of chief investment officer being separated from that of the chief executive.
busrep Mzansi 😔
busrep Where the ASKARI CABAL is found rest assured corporate corruption will be implemented. Their arrogance is absolute
busrep Institutional incompetence.
busrep Will we ever rest🤔
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