Treasury issues PIC Board correction

Following yesterday’s announcement of the long-awaited interim board at the Public Investment Corporation (PIC), National Treasury has issued a statement regarding the erroneous omission of one of the names of the board members.

“Mugwena Maluleke was also appointed as a non-executive director to the BoD (board of directors). Maluleke holds a BA Degree, a primary teacher diploma, a Masters in Labour Law degree and a Masters in business management degree. He was a teacher, head of department, spokesperson at the Gauteng department of education district office, and he is currently the general secretary of the South African Democratic Teachers Union,” read part of the statement.

Media Statement: Update on PIC Board of Directors' Appointment #PICBoard pic.twitter.com/ujcx7J2MzK

— National Treasury (@TreasuryRSA) July 11, 2019

This comes five months after the board of the PIC made its abrupt en masse exit from the organisation.

The interim board will be in place from this coming Friday (July 12) and will serve for a period of one year.

Notable appointments to the board include Maria Ramos, who until recently was Absa CEO and is a former deputy general of the National Treasury. She was tipped to take over as finance minister in the sixth administration under President Cyril Ramaphosa.

Dr Xolani Mkhwanazi and Pitso Moloto were reappointed to the board.

Deputy finance minister David Masondo is not on the list.

The interim board is expected to elect its own chair and deputy chair at its first sitting.

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(Compiled by Kaunda Selisho)

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