DocumentClosedmedia statement

Statement on developments at the Pu…

Government Employees Pension FundRef: https://www.gepf.co.za/statement-on-developments-at-the-public-investment-corporation-pic/

Official source

Source domain: gepf.co.za

Collected on 28 July 2026

Always confirm details on the official source before acting.

Our copy (archived 28 July 2026)Official source

What this means

This is a media statement issued by the Government Employees Pension Fund (GEPF) on 24 July 2026 about developments at the Public Investment Corporation (PIC), including the resignation of PIC board directors (including the Chairperson). The statement explains that the PIC is a state-owned asset manager operating under an investment management agreement (IMA) with the GEPF and under the PIC Act of 2004 and the Companies Act of 2008. GEPF says it is concerned about potential impacts on investment decision-making affecting GEPF, is engaging the Minister of Finance and the PIC for assurance, and reassures members that pension and related benefits payments have not been affected. GEPF will continue monitoring and may take action within its legal responsibilities to protect members, pensioners, and beneficiaries.

Facts

Reference

https://www.gepf.co.za/statement-on-developments-at-the-public-investment-corporation-pic/

Parties

PIC board

Key Takeaways

Issuing organisation: Government Employees Pension Fund (GEPF)
Media statement date: 24 July 2026
Subject: developments at the Public Investment Corporation (PIC), including resignation of PIC board directors (including Chairperson)
PIC role: state-owned asset manager investing assets on behalf of GEPF and other clients
GEPF-PIC relationship: investment management agreement (IMA) setting objectives, risk parameters, and performance expectations
Legal framework: PIC governed by Public Investment Corporation Act of 2004 and Companies Act of 2008; PIC MOI as core constitutional document
PIC shareholder: South African Government represented by the Minister of Finance
GEPF position: respects PIC autonomy on institutional leadership matters
Assurance: no impact on payment of pensions and related benefits
Action: GEPF will monitor and may act within legal responsibilities, mandate and fiduciary duties
Government Employees Pension Fund (GEPF)
Public Investment Corporation (PIC)
Minister of Finance
South African Government
Companies Act of 2008
Public Investment Corporation Act of 2004
Government Employees Pension Fund members, pensioners and beneficiaries
Ms. Matau Molapo

Dates

Closing Date

24 July 2026