BUSINESS MAVERICK: Like the ANC, SA’s biggest pension fund manager had two centres of power

The ANC and Public Investment Corporation had something in common in recent years: The concept of two centres of power.

This has been described as the two centres of power by current and former PIC employees at the commission of inquiry into allegations of impropriety and governance deficiencies at the PIC. Matjila and More face allegations of tightly controlling investment decisions, creating a climate of fear and using public servants’ money to invest in questionable deals — even flouting approval processes.

More said the restructuring took place in 2015, which resulted in the creation of new executive roles to better manage its large listed and unlisted investment portfolio. She defended the restructuring, saying it was global best practice. More cited Canada’s state pension fund which she said had two executive roles — a CEO and CFO.

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