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.

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