High Court rules PIC CEO suspension invalid, orders reinstatement

Image source: Jakub Jirsak – 123RF.com

The PIC's board of directors suspended Dlamini last month after a whistleblower complaint against him, though it said at the time that the precautionary suspension did not amount to a finding of wrongdoing.

According to court reporting, the High Court ruled the board did not follow due process in suspending Dlamini, and acted without the required ministerial and Cabinet approval.

As state asset manager, the PIC manages more than R3tn ($183bn) in assets and is the biggest investor on the Johannesburg Stock Exchange. In an effort to restore stability and investor confidence, South Africa's cabinet last week approved the appointment of a new board chair for the PIC and seven non-executive directors.

The country's financial regulator has launched an investigation into the PIC, which has faced governance challenges for more than a decade.

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Minister of Finance Enoch Godongwana has noted the High Court judgment.

In a statement released Tuesday, the Ministry of Finance said: “The Minister believes this judgment vindicates the actions taken by National Treasury and Cabinet to restore governance at South Africa’s largest asset management institution.

“These actions were both good and necessary, triggered in part by the hasty removal of Dlamini without due consultation and process.

“The Minister of Finance will continue to drive the reforms of the PIC, as recommended by the Judge Mpati Commission, in consultation with Cabinet,” the statement said.

The Minister underscored that the PIC occupies a critical position within South Africa’s financial system.

“As the country’s largest asset manager and the custodian of a substantial portion of public sector retirement funds, trust in its governance is of systemic importance,” the Ministry of Finance said.