ABSIP Statement Appointment of PIC CEO – Mr Abel Sithole
28 MAY 2020 POLO LETEKA HADEBE
The Association for Black Securities and Investment Professionals (ABSIP) would like to extend heartfelt congratulations to the newly-appointed Chief Executive Officer of the Public Investment Corporation – Mr Abel Sithole. As the custodian of the pension funds of public sector workers and the biggest asset manager on the African continent, the PIC plays a critical role in driving the South African economy. As an asset manager, an employer and an investor with an understanding of the country’s developmental mandate, the effective management and oversight of the PIC is a matter of interest to all South Africans.
As an organisation that represents black professionals in the investment and securities environment, ABSIP regards itself as a partner and strategic sounding board for the PIC. To this end, the executive committee of ABSIP welcomes Mr Sithole’s appointment and commits to working hand-in-hand with the PIC in all matters of common strategic interest.
Mr Sithole’s track record as the Principal Officer of the Government Employees Pension Fund and his role as the Commissioner of the Financial Sector Conduct Authority, gives us all comfort that the board of the PIC has found a capable leader in Mr Sithole. The recent history of the PIC has highlighted to all of us the importance of oversight and strong leadership at our national institutions. As the PIC maps a way forward in an economy that has been forced to adapt to a new world of uncertainty and anxiety, it will be important for ABSIP and other stakeholders to step up and offer support in helping the PIC refine its role in leading the economic revival of the country at large.
ABSIP would also like to note the role played by the board of the PIC and its chairperson – Mr Reuel Khoza – in leading the PIC through its most challenging era. Whilst the journey is far from complete, we wish to state that the board and Mr Sithole can count on our continued support as ABSIP.
Polo Leteka Radebe
Association of Black Securities and Investment Professionals