Last week, a South African court granted an interdict against businessman Ralebala Matome Mampeule, following defamatory allegations made against both me and the Public Investment Corporation (PIC).
The court’s decision is important not because it vindicates an individual, but because it reaffirms a fundamental principle: institutions entrusted with the savings of millions of workers must be defended from reckless accusations that undermine their credibility and distract from their core mandate.
At its heart, this matter is not about personalities. It is about responsibility.
When individuals or companies receive financing from the PIC, they are receiving investment from the retirement savings of South African public servants. These funds belong to teachers, nurses, police officers and countless other workers whose futures depend on the careful stewardship of their pensions.
When borrowers fail to service their obligations and instead respond with allegations of corruption against the institution that financed them, the issue transcends a private dispute. It becomes a question of protecting the integrity of a fund that safeguards more than R3-trillion in workers’ savings.
The PIC is the custodian of the assets of the Government Employees’ Pension Fund (GEPF) and several other public funds. Its responsibility is therefore not merely financial. It is fiduciary. Every investment decision, every governance structure and every accountability mechanism must ultimately serve the long-term interests of pensioners.
South Africa’s pension system is one of the most important pillars of the country’s financial stability. The PIC sits at the centre of that system
South Africans are aware that the PIC has faced serious scrutiny in the past. The Mpati commission of inquiry into the PIC exposed weaknesses in governance and oversight that required decisive reform. Those findings were uncomfortable, but they were necessary. They forced a national conversation about the governance of one of the country’s most important financial institutions.
That moment of scrutiny also marked the beginning of a process of renewal.
The work of rebuilding the PIC has required patience, discipline and a firm commitment to strengthening the institutional foundations of the organisation. Governance frameworks have been tightened, oversight mechanisms strengthened and risk management systems reinforced.
This is not dramatic work. It does not lend itself to headlines or public spectacle. It is the steady, technocratic work of institutional reconstruction.
Rebuilding trust in a large and complex asset manager takes time. It requires the cultivation of professional investment teams, strong internal controls, independent oversight and a culture of fiduciary responsibility.
It also requires clarity about the PIC’s mandate. The institution must generate sustainable returns for pensioners while supporting the broader development of the economy. Balancing these objectives requires professionalism, rigour and the highest standards of governance.
None of this work can succeed if the institution itself is continually subjected to unfounded attacks designed to deflect attention from legitimate financial obligations.
Public scrutiny of the PIC is legitimate and necessary. Institutions entrusted with public funds must always operate under the watchful eye of the public. But scrutiny must be grounded in evidence, and accountability must apply to all parties, including those who receive investment from the fund.
The court’s ruling this week therefore carries significance beyond the immediate dispute. It affirms that accountability is not selective. Those who benefit from public investment must honour their commitments and engage the institution in good faith.
South Africa’s pension system is one of the most important pillars of the country’s financial stability. The PIC sits at the centre of that system. Its strength and credibility are therefore matters of national interest.
Our task is to ensure that the institution continues to evolve into a world-class asset manager; one capable of protecting the savings of workers while contributing responsibly to the growth and development of the economy. Between 2022 and today, the asset under management grew from R2.5-trillion to R3.7-trillion. It means that between 2022 and today workers are more than R1.2-trillion richer.
Investment is not a one-person show. There are a number of internal assurance bodies such as legal, risk, ESG and ethics offices
Notwithstanding the challenges from the old unlisted investments, the PIC has performed well. The number of direct jobs facilitated by the PIC unlisted portfolio was 194,274 in 2025. The unlisted investments mandate delivered a 16% internal rate of return, exceeding the benchmark. For example, a R100bn investment generated R16bn for the workers. These are just financial statistics, but the wealth of the beneficiaries is growing.
The quality of our staff is impeccable. Almost 70% of the investment team has between 11 and 20 years-plus experience in investment. Our team holds 180 formal qualifications, including 149 honours and 68 master’s degrees, mainly in finance. These credentials reflect our deep commitment to academic excellence in finance, economics and related disciplines.
We also count among us 21 chartered financial analysts and 29 chartered accountants. These globally recognised certifications underscore our dedication to the highest standards of professionalism, ethics and technical competence in investment management.
At the PIC, it is not only the core investment professionals who take investment decisions. In fact, investment is not a one-person show. There are a number of internal assurance bodies such as legal, risk, ESG and ethics offices.
For the board and executive leadership of the PIC, the responsibility remains clear. We are custodians of the retirement savings of millions of South African workers. That duty demands discipline, transparency and unwavering commitment to good governance.
This work will not be achieved through rhetoric or public spectacle. It will be achieved through careful stewardship, sound governance and unwavering commitment to the pensioners whose futures depend on the integrity of this institution.
That is the responsibility entrusted to us. And it is a responsibility we intend to uphold.
• Masondo is PIC chair and deputy finance minister
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