His resignation announced Thursday, 23 July 2026 follows the precautionary suspension of chief executive officer Patrick Dlamini, and the resignation of six non-executive directors, as well as an ongoing governance probe by the Financial Sector Conduct Authority.
Deputy Trade Minister Zuko Godlimpi is emerging as the preferred candidate to replace Masondo.
"After careful reflection, I have decided to resign as chairperson of the Board of the Public Investment Corporation," Masondo said in a statement.
Masondo said the outgoing board had acted collectively, in good faith and in accordance with governance principles, while advancing reforms recommended by the Mpati Commission.
He urged that outstanding matters — including a whistleblower report, allegations involving the CEO and the Acapulco-Lanseria investment dispute referred to the Special Investigating Unit — should be fully investigated and not “swept under the carpet”.
The dispute refers to a long-running dispute involving the PIC’s investment in Acapulco Trade & Invest 164, a company that received PIC funding to acquire a stake in Lanseria International Airport.
The PIC is the custodian of more than R3tn in assets, primarily retirement savings for public servants on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund, the Compensation Fund and other public entities.
Its current challenges are rooted in a longer history of governance concerns, with many of the issues facing the institution today mirroring findings from a 2020 judicial inquiry that flagged shortcomings in oversight, accountability and investment processes.
Finance Minister, Enoch Godongwana has called a shareholder meeting for Monday, 27 July 2026.
