South Africa appoints deputy minister to head state pension fund
Seiso Mohai’s appointment shifts political oversight of the fund into President Cyril Ramaphosa’s office.
South Africa has appointed Seiso Mohai, a deputy minister in the presidency office, as the chair of the $200 billion state-owned pension fund. This move is part of a comprehensive board overhaul following weeks of governance turmoil. The decision marks a significant shift in political oversight, as the fund will now be headed by the president's office, breaking a decade-long tradition of appointing the deputy finance minister from the National Treasury.
Mohai will lead a new team of seven directors at the Public Investment Corporation (PIC), which serves as the lifeblood of South African capital markets. The corporation holds roughly 20% of the Johannesburg bourse. In addition to Mohai, former African Development Bank vice president Bajabulile Swazi Tshabalala has also been appointed, bringing development finance expertise to the table.
The new board faces the daunting task of restoring PIC's reputation after the suspension of PIC's CEO due to a botched airport transaction. This incident sparked resignations on the board and brought intense scrutiny to the fund's policy-driven venture arm, where 40% of its $6 billion portfolio is currently on life support.
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