By Lehlohonolo Lehana.
The Public Investment Corporation (PIC) has fired CFO Matshepo More after she was suspended with full pay.
More was “subjected to a number of investigations,” and two weeks ago the board was given a report compiled by an advisory panel that found her guilty of dereliction of duty, chairperson Reuel Khoza said in a briefing Thursday.
“It took very long, with money being paid for her while she was not delivering any service,” he said. “Unfortunately, due process at times behooves us to behave that way. You cannot ride roughshod over issues of that nature.”
The PIC, which mainly oversees the pensions of SA government workers, has been recovering from a judicial probe that exposed lapses in governance and political interference in investment decisions.
The inquiry recommended sweeping changes early in 2020 to laws that govern the Pretoria-based PIC, which oversees R2.34-trillion in assets.
Further action, including reclaiming payments made to her by the PIC, may be taken against More if it’s shown that the former CFO owes the company money or may have lead to losses to the company, said Makhubalo Ndaba, chair of the human resources and remuneration committee. She may also be among those investigated by the police, following several matters that the PIC referred for investigation following findings from the commission, he said.
More earned R10.6m in the year to end-March 2019 and had continued to be paid through this fiscal year. The interim board, which was appointed in July 2019 for a period of two years, had its last meeting Thursday. Since its appointment, the positions of CIO, CEO and COO have been more clearly defined, Khoza said. Previously the CIO and CEO roles were combined.
“A perception existed previously that no investment proposal would be accepted unless it came through specific gatekeepers within the PIC,” Khoza said. Now, “no single individual in the PIC has powers to approve investments.”
The PIC is also in talks with state-owned power utility Eskom on its current debt exposure, CEO Abel Sithole said in the briefing. “We have more than R80bn invested with Eskom, so we have regular engagements on matters,” he said.
More was appointed as Finance Manager. In 2011, she was appointed as CFO of the PIC, where she is responsible for the corporation’s finances, ensuring that the PIC complies with the Public Finance Management Act (PFMA), which regulates financial management of all public entities in the national government and provincial governments.