The PIC's resilience: from Steinhoff to R3 trillion — now let its CEO lead

THE Public Investment Corporation (PIC) is one of South Africa's greatest institutional assets literally and figuratively.

- TAHIR MAEPA

Despite being rocked by scandals such as the Steinhoff collapse, and years of political brinkmanship, the PIC has not only survived but tripled its assets to over R3 trillion. This is no small feat. It is a testament to the resilience of the institution, the professionalism of its staff, and, above all, the power of workers' collective capital.

This remarkable growth didn't happen by chance. It is the legacy of seasoned leadership: Elias Masilela, who brought post-crisis stability after 2008; Dr. Dan Matjila, who expanded its developmental investment mandate; and Abel Sithole, who defended its integrity through unprecedented political pressure.

Today, the PIC has a new CEO, Mr Patrick Dlamini, who brings an unblemished record of ethical leadership and financial discipline from his tenure at the Development Bank of Southern Africa (DBSA).

His appointment marks a turning point not just for the PIC, but for every public servant whose pension is invested through it.