By Lehlohonolo Lehana.
Cabinet announced appointment of eight non-executive directors of Public Investment Corporation (PIC), with Deputy Minister in the Presidency for Planning, Monitoring and Evaluation Seiso Mohai appointed as chairperson.
Mohai’s appointment was confirmed by Minister in The Presidency Khumbudzo Ntshavheni at a media briefing on Thursday, 30 July 2026.
He replaces former deputy minister of finance David Masondo, who became the sixth person to step down from the PIC board.
Masondo’s resignation was preceded by a meeting called by minister of finance Enoch Godongwana, where the board was tipped to be dissolved – a first for the PIC.
State-owned entity, which oversees R3.7 trillion of government pensions, has long faced challenges linked to governance failures and corruption. It’s board is traditionally chaired by a deputy minister in the economic cluster.
In addition to Mohai, other new board members include:
- Patience Nqeto
- Lebogang Mokgabudi
- Swazi Tshabalala
- Ouma Rasethaba
- Vivien McMenamin
- Moipone Ramoipone
- Itani Mafune
The appointments mark the start of a new chapter for Africa’s largest asset manager but come with several key governance issues still unresolved.
Suspended chief executive Patrick Dlamini is awaiting judgment in the Gauteng High Court after challenging the legality of his precautionary suspension. The application was heard this week, with judgment reserved.
Acting Chief Executive Bathandwa Damoyi said in welcoming the new appointments, that the organisation was ready to work with the incoming board.
“The PIC appreciates that the Minister of Finance, Enoch Godongwana, and Cabinet have moved with urgency to get a new Board in place that will bring much needed stability to the organisation,” Damoyi said.
Extension of driving licence validity period
Ntshavheni has announced that Cabinet has approved the extension of the validity period of driving licences for light motor vehicles and motorcycle licences from five years to 10 years.
She said the extension applies to Codes A, A1, B and EB, increasing the validity period from five to 10 years.
Heavy commercial and public transport vehicles will remain subject to the existing two-or five-year renewal cycles, while Professional Driving Permits will also remain on the two-year renewal cycle.
“The implementation of the extended validity period requires legislative amendments. Motorists must therefore continue to renew expired driving licence cards until the new law takes effect.”
“The change aligns with international best practice, enhances administrative efficiency, reduces the frequency of renewals for motorists and eases service-demand pressures within the licensing system,” the Minister said.
Revised Electricity Pricing Policy
Cabinet also approved the publication of the Revised Electricity Pricing Policy for public comment. The policy strengthens the regulatory framework governing electricity prices, tariffs and charges.
The policy provides tariff transparency through the unbundling of tariffs across generation, transmission, distribution and retail activities. It also consolidates regulatory arrangements for electricity pricing across the various pricing interfaces between generators, traders, the National Transmission Company South Africa (NTCSA), and distributors.
It also establishes the framework through which these interfaces will be enabled and regulated by the National Energy Regulator of South Africa (NERSA).
Ntshavheni said the policy updates the 2008 Electricity Pricing Policy to reflect developments in the electricity supply industry, including ongoing market reforms arising from the unbundling of Eskom and the implementation of the Electricity Regulation Amendment Act, 2024.
“The policy supports the introduction of cost-reflective tariffs while protecting vulnerable users and strategic economic sectors,” the Minister said.
Meanwhile, government is set to publish the draft Electricity Sector Market Transformation Position Paper for public comment, following Cabinet’s approval.
“The position paper provides a framework to guide South Africa’s transition from a predominantly state-controlled electricity system to a more competitive electricity market, in line with the Electricity Regulation Amendment Act, 2024 and the Energy Action Plan.”