Africa’s biggest fund manager, which has been the subject of a governance probe, said it’s separating the roles of chief executive officer and chief investment officer after criticism that too much power was concentrated in the role of CEO.
The position of CEO, currently filled by Vuyani Hako in an acting capacity, will be advertised, with the recruitment process running in parallel with other executives “due to urgency,” Public Investment Corp. Chairman Reuel Khoza said in a statement to parliament on Tuesday.
“Our key priority over the next few months is to stabilise leadership and management by filling all the vacant positions at senior level,” Khoza said. “An organisation that manages assets in excess of R2 trillion cannot be managed by managers who are in acting positions.”
The PIC, which oversees mainly pension funds of state workers, will also add or fill the roles of chief risk officer, chief technology officer and chief operating officer. Fund investment panels have been abolished so that decisions go through the investment committee and the fund manager will aim to eliminate most fees paid to “middlemen” and will encourage whistle-blowing, he said.
During the government probe witnesses alleged that questionable investment decisions were made and politicians attempted to influence others.
© 2019 Bloomberg L.P.