South Africa

PIC must reinstate former CFO

Matshepo More

South Africa’s Public Investment Corp., the continent’s biggest fund manager, has been instructed by a labor dispute mediation panel to reinstate Matshepo More as its chief financial officer.

The PIC accused More of failing to serve its best interests and initially suspended her with full pay. It fired her in October last year after subjecting her to an internal disciplinary process. 

The Commission for Conciliation, Mediation and Arbitration ruled that More should be reinstated to her former position, the PIC said in a statement on Wednesday. The fund manager is considering the ruling and will seek advice on the way forward, it said.

The PIC, which mainly oversees the pensions of South African government workers, has been dogged by governance lapses that have led to suspensions and resignations.

A judicial investigation last year found there may have been some political interference in its investment decisions and recommended sweeping changes to laws that regulate the Pretoria-based fund manager.


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