Tag: Government Employees Pension Fund
After months of processes and thorough consideration, Abel Moffat Sithole has been appointed as the new CEO of the Public Investment Corporation. Mr Sithole is currently the Principal Executive Officer of the Government Employees Pension Fund and the Commissioner of the Financial Sector Conduct Authority. PIC Chairperson, Dr Reuel Khoza joins CNBC Africa for more.
On Wednesday, South African Finance Minister Tito Mboweni announced the appointment of Abel Sithole as the Chief Executive Officer of the Public Investment Corporation (PIC) and Executive Director on the Board of Directors.
The Public Investment Corporation, which manages assets on behalf of the Government Employees Pension Fund was at GEPF's annual results presentation. Reuel Khoza, Chairperson of the Public Investment Corporation provided an update on when it will appoint a new CEO and explained why it is not conducting a witch hunt against Iqbal Survé, who heads Sekunjalo Investments.
Despite the tough economic conditions and low economic growth rate in South Africa, the Government Employees Pension Fund return on investments slightly increased by 2.6 per cent to R47 billion for the year while impairments ballooned. CNBC Africa's Kopano Gumbi spoke to Africa's largest pension fund Principal Executive Officer, Abel Sithole.
The Government Employees Pension Fund which has outsourced the investments of public servants pensions to the Public Investment Corporation and other fund managers has impaired billions of rands in its latest set of results. These include R3.1 billion investment in Steinhoff’s empowerment shareholder, Lancaster, due to the collapse in Steinhoff’s share price and R1 billion of loans investments in Independent Media, the publisher of The Star newspaper. Principal Executive Officer of GEPF Abel Sithole joins CNBC Africa for more.