South Africa’s Deputy Finance Minister David Masondo has resigned as chairperson of the Public Investment Corporation. This comes as the state-owned asset manager faces mounting scrutiny over governance and the suspension of its chief executive.
The Public Investment Corporation confirmed Masondo’s resignation, saying he would continue serving as South Africa’s deputy finance minister while relinquishing his leadership role at the asset manager. The board thanked him for his service but did not disclose further details surrounding the decision.
Masondo’s departure follows the recent suspension of Public Investment Corporation Chief Executive Patrick Dlamini after a whistleblower complaint prompted the board to launch an independent investigation. The board said the suspension was a precautionary measure and stressed that no findings had yet been made against the chief executive.
The Public Investment Corporation manages more than 3 trillion rand ($182.6 billion) in assets on behalf of public sector clients, including the Government Employees Pension Fund, making it the largest asset manager in Africa. The institution is also a major investor on the Johannesburg Stock Exchange, with holdings across listed equities, bonds, infrastructure and private equity.
The governance changes come as South Africa’s Financial Sector Conduct Authority conducts a separate investigation into governance and oversight at the corporation. The regulator has been examining concerns about leadership, transparency and internal controls following recent developments at the institution.
Masondo had served as chairperson since 2022 and oversaw efforts to strengthen governance after previous corruption scandals damaged the corporation’s reputation. During his tenure, the asset manager implemented several reforms aimed at improving investment oversight, board accountability and risk management.
The Public Investment Corporation has played a central role in financing South Africa’s economy through investments in strategic sectors, including infrastructure, financial services, telecommunications and industrial companies. Its investment decisions have significant implications for domestic capital markets because of the size of its portfolio.
The latest leadership changes have renewed attention on governance standards at state-owned financial institutions. Investors and pension fund members are expected to closely monitor the outcome of the ongoing investigations, given the corporation’s responsibility for managing the retirement savings of millions of South African public servants.
Although the board has described both the chief executive’s suspension and the leadership transition as governance measures rather than evidence of wrongdoing, the developments add fresh pressure on the institution to demonstrate strong oversight and restore confidence. The appointment of a new chairperson is expected to be a key step in ensuring continuity while investigations continue and broader governance reforms are pursued.
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Emmanuel Abara Benson is a business journalist and editor covering artificial intelligence, global markets, and emerging technology.
He has previously worked with Business Insider Africa and Nairametrics, reporting on finance, startups, and innovation.
His work focuses on AI, digital economy, and global tech trends.
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