Business Unity South Africa president Sipho Pityana has commended the Public Investment Corporation (PIC) on the appointment of its new CEO, Abel Moffat Sithole.

“This is an excellent appointment – exactly what we need to see in crucial state institutions like the PIC,” Pityana says of the appointment, which was announced by Finance Minister Tito Mboweni on 27 May 2020.

“Mr. Sithole is a career public servant, not a political appointment – just what we need from the head of such a crucial player in the economy.

“He also ticks all the right boxes in terms of competence and experience. He clearly understands the role of the PIC from his time as Principal Executive Officer of the Government Employees Pension Fund (GEPF) – which is itself the PIC’s largest client.

“He is also deeply committed to ethical leadership and good governance and has done a sterling job at GEPF – including challenging some of the dodgy investment decisions made by the previous PIC leadership. This is to be commended and bodes well for the future of the institution.”

Pityana concluded: “South Africa really needs a strong and fully functional PIC as we navigate our way through the global and domestic economic crises and the challenges posed by COVID-19. We particularly need a PIC that is committed to good governance, is transparent and inclusive and is able to withstand external interference – whether from government, business, or any other sector of society.

“We wish Mr. Sithole well, and organised business will be fully behind him in his efforts to get the PIC back on its feet.

“We also join the PIC in thanking the former acting CEO, Vuyani Hako, for holding down the fort during turbulent times and preparing the ground for a process of full organisational reform.”

BUSA President Sipho Pityana