Once upon a time there was a powerful, influential institutional investor and asset manager that used to be a catalyst for socioeconomic transformation and inclusivity. The Public Investment Corporation , a state-owned entity with R1.9-trillion of assets under management as of March 31, remains Africa’s largest asset manager. It also holds significant shareholding in almost all the companies listed on the JSE.
The then transformational PIC took on giants such as Barloworld for not having a single black executive director. That storm led to the downfall of then Barloworld chair Warren Clewlow. It was also the PIC that raised the issue of Barloworld patronising its black executives when it appointed a black and competent advocate, Dumisa Ntsebeza, as chair and then selected a white man, Trevor Munday, as deputy chair — a position the company had not had for a decade — to babysit the respected advocate.
I write this fully cognisant that the PIC has gone through its own challenges in the recent past and is in a rebuilding phase. How I wish and hope that the current PIC, as it is being rebuilt and repurposed, will be resurrected to use its huge muscle to take on and forcefully persuade nontransforming companies to appoint black men and women to executive committees and operational roles. I emphasise executive committees because that is where operational corporate decisions are taken.
Has Ayo and Surve paid back the R400 million?
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