Former University of Cape Town Council chair, Babalwa Ngonyama, who was implicated in the independent panel report into the governance crisis at the university - along with former vice-chancellor Mamokgethi Phakeng - has quit her position at insurance group Hollard.

In the fallout from the damning report released last week by the panel investigating governance failures at the University of Cape Town (UCT), the university's former Council chair, Babalwa Ngonyama, has resigned from the board of Hollard insurance company.

Ngonyama resigned from her role as lead independent director of the insurance group.

"We can confirm that Babalwa Ngonyama has resigned as a Board member," Hollard's group spokesperson, Warwick Bloom, told Daily Maverick in response to questions. He did not elaborate.

This comes after a report was released last week by the independent panel investigating governance failures at UCT. The report excoriated Ngonyama and former vice-chancellor Mamokgethi Phakeng. The panel was chaired by retired judge Lex Mpati. Fellow retired Judge Azhar Cachalia, public sector governance expert Trish Hanekom and Wits University's transformation head Bernadette Johnson served on the panel.

On 2 November, Ngonyama also resigned from the Vukile Property Fund's board of directors following UCT's release of the independent panel report, Business Day reported.

The report slammed Phakeng, concluding that she "repeatedly conducted herself unprofessionally by engaging in activity that is prohibited in the UCT workplace, including using threats, intimidation, ethnic slurs, personal insults and also posting racially offensive...