South Africa: Like the ANC, SA's Biggest Pension Fund Manager Had Two Centres of Power


The commission of inquiry into allegations of impropriety at the Public Investment Corporation is exploring how the money manager changed its executive structure to give the CEO and CFO more power to make investment decisions. Former PIC boss Dan Matjila occupied the role of both CEO and CIO, and Matshepo More held the CFO role. PIC staff called this the two centres of power.

The ANC and Public Investment Corporation (PIC) had something in common in recent years: The concept of two centres of power.

The ANC battled to distinguish between party and state, as it once had two individuals as party president and the country's president at the same time. This was recently seen when Jacob Zuma called the shots at the Union Buildings during his presidency's dying days while Cyril Ramaphosa did the same at Luthuli House after he emerged victorious at the ANC's leadership contest in 2017.

At the PIC, South Africa's biggest pension fund manager with about R1.8-trillion of state workers' funds, the two centres of power concept is slightly different. The power and decision to invest public servants' money at the PIC appears to have been concentrated in two executive roles -- the CEO and...

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