IN CONVERSATION WITH MAYA FISHER-FRENCH- FINANCIAL JOURNALIST

The Public Investment Corporation (PIC), Africa’s largest asset manager controlling over R3.6 trillion in assets, is facing one of its most serious governance crises in years. The PIC manages the retirement savings of more than 1.26 million government employees, including teachers, police officers, and civil servants, through the Government Employees Pension Fund (GEPF). Recent suspensions of senior executives, board resignations, and regulatory probes have forced the National Treasury to intervene, raising alarm about the stability of South Africa’s pension system.
The crisis escalated in July 2026 when the PIC’s CEO was suspended following whistleblower allegations of impropriety. Several board members, including the chairperson, resigned soon after, citing dysfunctionality and governance failures. The Financial Sector Conduct Authority (FSCA) has since launched a formal investigation, adding another layer of scrutiny to an institution already under pressure. These developments echo findings from the Mpati Commission of Inquiry in 2020, which had previously exposed irregular investments, conflicts of interest, and weak oversight at the PIC.