SANDTON, Gauteng — The Public Investment Corporation has officially released its annual report for the 2025/2026 financial year at the Johannesburg Stock Exchange, providing a comprehensive overview of its R3 trillion portfolio and detailing significant strides in institutional governance. As one of Africa’s largest asset managers, the state-owned entity’s latest financial results offer critical insights into its operational costs, investment decisions, and ongoing efforts to protect public-sector retirement savings.
Financial Growth and Portfolio Health
The latest annual results highlight a robust financial performance, with assets under management growing by over 13% to reach the R3 trillion milestone. During the presentation, Chief Financial Officer Batandwa Damoyi outlined the audit outcomes, emphasizing the health of the investment portfolio, financial discipline, and risk management. The CFO’s report underscores the institution’s critical role in the national economy, ensuring that the retirement funds of current and former public workers remain secure and productive.
Governance Reforms and the Matlanga Commission
A central focus of the report is the institution’s governance framework, particularly the implementation of the 276 recommendations made by the Madlanga Commission. Established in 2018 and delivering its final report in 2020 following severe corruption and process allegations, the commission’s findings necessitated a major overhaul of the PIC’s leadership and operations.
PIC CEO Patrick Dlamini confirmed that almost all commission recommendations specific to the institution have been fully implemented, a process overseen with the guidance of the late Judge Madlanga. While acknowledging that some recommendations directed at the Gauteng Provincial Government and the Ministry of Finance as a shareholder representative are still pending, Dlamini emphasized the PIC’s internal progress.
“We have been able to implement almost all of them,” Dlamini stated, noting that the next phase involves ensuring these systemic changes are fully reflected in daily operations. He highlighted the need to completely digitalize and automate systems, fill critical vacant positions, and enhance the depth and breadth of leadership to drive future investments.
Addressing Unlisted Investment Challenges
The CEO also addressed the historical underperformance in unlisted and unlisted property investments, an area heavily scrutinized by the commission. Dlamini candidly acknowledged past failures, attributing some losses to intentional fraud by private co-investors, specifically citing the Enabled Capital debacle.
He explained that in several instances, the PIC perfected its security on defaulted assets, but the timing was delayed, leaving the assets “underwater” and burdening the institution with massive obligations.
“I must say that we really could have done much better than we have experienced,” Dlamini admitted, taking full ownership of the past shortcomings. He assured stakeholders that the PIC is pulling out all stops to cleanse and turn around non-performing assets, enhance internal controls, and improve investment processes to ensure only quality assets are funded moving forward.
Economic Outlook and Job Creation Strategy
Looking ahead, the PIC is focusing on its broader economic mandate, particularly concerning job creation and industrial capacity. Dlamini addressed the situation of approximately 1,300 workers affected by past investment failures, expressing optimism that a large number of these employees will be absorbed back into the workforce through retraining and reskilling under new strategic partners.
Describing the current job market as a “blood bath,” Dlamini stressed the urgent need for collaborative efforts between the public and private sectors, led by the government. He noted that South Africa is currently operating at only 60% of its industrial capacity, and unlocking the remaining 40% is crucial for stimulating economic growth and creating jobs.
The PIC plans to hold a strategy session with its board and the Minister of Finance towards the end of October. Following this session, the institution intends to communicate a clear, actionable roadmap to the public on how it will leverage its massive convening power to shift the economic needle and deliver better economic performance for the country.
