Public Interest SA Calls for Decisive Action to Restore Confidence in the PIC

Johannesburg, Wednesday, 15 July 2026 — Public Interest SA is concerned by the succession of governance developments at the Public Investment Corporation (PIC), including the precautionary suspension of its Chief Executive Officer, the Financial Sector Conduct Authority's (FSCA) formal investigation, the appointment of an Acting Chief Executive Officer, and the resignation of two non-executive directors.

As the custodian of the retirement savings of millions of South African public servants, the PIC is a systemically important institution. Its governance, integrity and stability are matters of national importance.

Public Interest SA notes that the Board has correctly emphasised that the CEO's precautionary suspension is not a finding of wrongdoing, but a measure to facilitate an independent investigation. Due process must be respected throughout.

The FSCA's decision to investigate the PIC in terms of section 135 of the Financial Sector Regulation Act reflects the seriousness of the issues at hand. Robust regulatory oversight is essential to safeguarding public confidence in South Africa's financial institutions.

The resignation of two Board members during this period of heightened scrutiny further underscores the need for transparent, credible and stable governance.

Public Interest SA therefore calls for:

• the FSCA to conduct its investigation expeditiously, independently and without fear or favour;

• the PIC Board to cooperate fully with regulators and keep stakeholders appropriately informed;

• any Board vacancies to be filled through a transparent, merit-based process that prioritises independence and integrity;

• the protection of whistleblowers acting in good faith; and

• swift and appropriate action against any individual found to have engaged in misconduct or breached fiduciary duties.

The governance reforms introduced following the Mpati Commission are now being tested. Their effectiveness will ultimately be measured not by policy documents, but by the transparency, independence and accountability demonstrated in responding to these developments.

Public confidence in the PIC will be restored through credible investigations, principled leadership and decisive accountability.

Public Interest SA will continue to monitor developments closely in the interests of good governance, ethical leadership and the protection of South Africans' retirement savings.

ENDS