Board backs PIC chief Matjila

THE Public Investment Corporation’s board has expressed its confidence in the ability and integrity of its chief executive Daniel Matjila and the management and staff of the PIC. “The board wishes to state that it will continue to exercise its fiduciary duties without fear or favour, including accountability to all stakeholders. The board also noted media allegations prior to the meeting about its intention to remove the chief executive. The board wishes to reiterate that it rejects these allegations with the contempt they deserve,” the board said in a statement on Friday. “The chief executive made representations to the board responding to allegations levelled against him through the media. The chief executive provided detailed documentary evidence of the decisions made by the PIC and that the process followed was in accordance with all policies, procedures and delegation of authority of the PIC.” The board added that it had decided to communicate the outcomes of its special meeting that was held in Pretoria. “Ordinarily, the board would not publicly disclose the outcomes of its deliberations. However, it deems it necessary to break from this tradition, given the heightened interest from the media and other stakeholders,” the board said. “Following the deliberation by the board on the allegations and representations, it accepted the representations of the chief executive. For completeness of the process and for its final assurance, the board mandated the internal audit division of the PIC to independently review the representations made by the chief executive.” – ANA