PIC CEO has too much power, inquiry hears | Business | M&G

The merger of the chief executive and the chief investment officer roles at the Public Investment Corporation was a centralisation of power that exposes the PIC to huge risk, the Mpati commission into the state owned asset manager heard on Monday.

“You need to have a segregation of duties because not all of us have the wisdom of Solomon, so we do need to have others with different points of views [in order to] have stronger decisions coming out,” said Jack. Despite concerns raised by employees regarding Ayo being overvalued Matjila “exercised [his] authority as CEO” and signed off the subscription agreement to buy shares in Ayo before due process was completed and the requisite committee could approve the deal, according to testimony from an official who worked closely on the transaction

Jack said due to the conflict of power between the chief executive and investment officer that the PIC had experienced in the past, merging the two roles and concentrating the power in one individual’s hands was probably seen as a pragmatic solution. “It can be anyone who can occupy that position, you need to go beyond the issue of personalities,” he added.

Nigeria Nigeria Latest News, Nigeria Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Senior executives implicated in irregular Ayo transaction still at PIC | Business | M&GThis is only one deal, most definitely there MUST have been many more .
Source: mailandguardian - 🏆 2. / 92 Read more »

Ayo: No grounds for PIC to recover R4.3-billion investment | Business | M&GAyo Technology Solutions says there are no grounds for the PIC to recoup the controversial R4.3-billion investment it made into the company, as directed by the Companies and Intellectual Property Commission.
Source: mailandguardian - 🏆 2. / 92 Read more »

Former PIC board member contradicts Gungubele over board resignations | Business | M&G
Source: mailandguardian - 🏆 2. / 92 Read more »

PIC required to recover R4.3-billion made to Ayo by March 13 | Business | M&GThe PIC has confirmed that it received a compliance notice from the Companies and Intellectual Property Commission ordering it to recover the capital investment of R4.3-billion made to Ayo Technology Solutions.
Source: mailandguardian - 🏆 2. / 92 Read more »

PIC chair ‘withheld’ Matjila’s disputed resignation letter | Business | M&GPIC board chairperson Mondli Gungubele withheld former chief executive Dan Matjila’s resignation letter from the PIC board, the Mpati commission of inquiry heard on Wednesday.
Source: mailandguardian - 🏆 2. / 92 Read more »

PIC Commission calls out 'desperate' Twitter accounts on fake news | Business | M&GThe judicial commission of inquiry into allegations of impropriety at the PIC will continue with public hearings this week and has sent out a stern reproach against Twitter accounts spreading fake news about the proceedings.
Source: mailandguardian - 🏆 2. / 92 Read more »

Fear and distrust ‘nothing new’ among PIC employees | Business | M&GThe climate of fear and distrust in the corridors of the Public Investment Corporation has a long and chequered history.
Source: mailandguardian - 🏆 2. / 92 Read more »

Mystery Mr N rattled PIC | Business | M&G
Source: mailandguardian - 🏆 2. / 92 Read more »

Edcon CEO says focus is now on fixing the businessCEO Grant Pattison says with R2.7bn deal in place it can now move on and seek to improve its competitiveness He and his team definitely earned the big bucks on this one. Give it 24 months and it will be in exactly the same position again Get rid of the rude staff at most Edgars stores. EdgarsHelp
Source: BDliveSA - 🏆 12. / 63 Read more »