PIC boss survives another day to keep his job

Following a special board meeting of the Public Investment Corporation (PIC) on Friday, the CEO of Africa’s biggest pension fund manager, Daniel Matjila, is said to have survived the day long meeting called to consider his future as the head of the institution.

According to a Sunday Times report, the outcome of the third special board meeting was apparently a resounding affirmation of Matjila’s leadership of the PIC, but this could be short lived.

The paper reports that, those close to the process said Matjila’s tenure as the head of the PIC was far from guaranteed. They said the PIC board was allegedly divided between those who wanted to bring new charges against him and those who had insisted on adhering to the agenda of the meeting, which was called to consider an internal audit report into Matjila’s alleged irregular conduct.

The head of the PIC has been accused of contravening PIC rules by allegedly funding a romantic partner’s business, which he has denied.

“On September 15 the board said it had ‘full confidence in Matjila’s integrity and ability’, but also that it would ask the PIC’s internal auditors to verify evidence Matjila had provided in response to the charge of financial impropriety involving R26-million.

“A final audit report, written by Lufuno Nemagovhani, the head of the internal auditors, cleared Matjila of any wrongdoing on Friday,” the report stated.

The PIC board is said to have noted that Matjila’s responses regarding the allegations “are accurate in all material respects and are backed by valid and sufficient supporting evidence”.

The board concluded that the accusations against Matjila were “baseless”, which cleared him of any wrongdoing.