This is what business would like to see from the PIC’s new chairman, fearless Reuel Khoza

PUBLISHED: Thu, 25 Jul 2019 18:23:34 GMT
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By Kopano Gumbi, CNBC Africa reporter

The Black Management Forum (BMF) has urged the newly appointed chairman of Public Investment Corporation (PIC) Dr Reuel Khoza to stabilise the executive team and appoint a permanent CEO.

READ:New PIC board appointed, includes Ramos, SARB governor reappointed

The PIC, one of Africa’s largest investment managers, currently has an acting CEO Vuyani Hako, after former CFO and acting CEO Matshepo More was suspended. More replaced Dan Matjila, who is currently giving testimony at the PIC Inquiry on whether the organisation was used politically.

The BMF’s Andile Nomlala put forward the business organisation’s wish list for the respected businessman, who is the first chairman of the PIC, not to be a political appointee.

Nomlala also called on Khoza to restore confidence and governance, and make sure it directs investments towards newer and economically impactful black businesses.

Khoza is a long standing businessman who has served on many boards, including the JSE Limited, IBM South Africa, Liberty Life Group, Nedbank Group and Eskom.

His appointment was welcomed by former colleagues.

“Dr Khoza is a good choice to head the PIC board,” says former CEO of Eskom, Thulani Gcabashe. Khoza was the chairman of Eskom from 1997 to 2002 and worked closely with Gcabashe.

“Apart from having vast corporate experience, he understands investments having run a diversified investment holding business over a long period. He is also a patriot of note and a well-known proponent of good corporate governance,” continued Gcabashe.

Khoza’s patriotism had him at loggerheads with the leadership of the ANC in late 2011, while he was chairman of the Nedbank Group.

In his annual chairman’s statement, Dr Khoza said, “Our political leadership’s moral quotient is degenerating and we are fast losing the checks and balances that are necessary to prevent a recurrence of the past. This is not the accountable democracy for which generations suffered and fought.”

This open and brazen rebuke of what was the start of what we now understand to be State Capture, saw him fall out of favour with many longstanding ANC members. But this principled nature is what should make him a good candidate for chairman of the PIC.

Khoza’s timeline:

July 2019: Appointed chairman of the Public Investment Corporation

Jun 2019: Appointed chairman of Assupol life insurer

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