Reuel Khoza’s Governance Edge in Rebuilding Trust at the PIC
Reuel Khoza helped construct South Africa’s original corporate governance architecture. Now, the corporate veteran has the tough task of leading the PIC’s response to the Mpati report. Finance Minister Tito Mboweni could not have picked a more credible candidate to entrust with this assignment.
Call it fate. Term it serendipity, luck. Finance Minister Tito Mboweni’s appointment of Reuel Khoza to chair the interim board of the Public Investment Corporation (PIC) falls under the aforesaid descriptors.
This is so in light of the very long and equally damning PIC report emanating from the judicial commission of inquiry headed by Judge Lex Mpati. The inquiry was instituted in response to mounting allegations of corporate governance failures at the state-owned asset manager. The almost-1,000-page report is replete with instances of dodgy dealings and conduct unbecoming of custodians of public workers’ pension money.