Call for Appointment of Independent Experts to the Public Investment Corporation’s Investment Committee
Public Investment Corporation Limited
Pretoria
31 January 2025

Public Investment Corporation SOC Ltd
Private Bag X187
Pretoria 0001
Republic of South Africa

Call for appointment of Independent Experts to the Public Investment Corporation’s
Investment Committee – Unlisted Investments (IC-UI)

The Public Investment Corporation SOC Limited (PIC) was established in terms of the Public
Investment Corporation Act, 2004 (Act No 23 of 2004) (the PIC Act), as amended, as a wholly
State-Owned Company. The Minister of Finance is the sole shareholder representative on behalf
of the South African Government.

The PIC is a registered Financial Service Provider (FSP), licenced Category II FSP, in terms of the
Financial Advisory and Intermediary Services Act, 2002 (Act No 37 of 2002), as amended. The
primary purpose of the PIC is to invest certain monies received or held by, for or on behalf of the
Government of the Republic of South Africa and certain bodies, councils, funds and accounts. As
custodian of substantial assets generated by the labour of generations of South Africa’s public
sector employees, the PIC has a responsibility to conduct its affairs with integrity, transparency,
and in an exemplary manner. The PIC work contributes to the well-being of present and future
generations of pensioners, member beneficiaries and South Africans at large.

The PIC manages a diversified portfolio to generate good financial returns for clients over a longterm period while supporting positive and long-term socio-economic development.

The clients of the PIC are mainly pension, provident, social security and guardian funds. The PIC’s
mandate is to invest funds on behalf of these clients, based on investment mandates agreed with
each client, approved and regulated by the Financial Sector Conduct Authority (FSCA). Among the
PIC’s clients are the Government Employees Pension Fund (GEPF), the Unemployment Insurance
Fund (UIF) and the Compensation Fund (CF).

The PIC has a Board of Directors (the Board) that govern and has overall accountability for the
well-functioning of the company. The Board has established the IC-UI as a Sub-Committee of the
Group Investment Committee (GIC) in line with Section 72 of the Companies Act, 2008 (Act No 73
of 2008), as amended, Section 7 of the PIC Act, and Principle 8 of King IV Report on Corporate
Governance for South Africa, 2016. The IC-UI was established to assist the Board, through the
GIC, to discharge its statutory duties and responsibilities in relation to unlisted investment
activities; consider and approve unlisted investment related policies; unlisted investment proposals
recommended by PIC Management (Group Management Investment Committee – Unlisted
Investment); and make such recommendations as it considers appropriate to the Board in line with
the applicable Delegation of Authority Framework. The IC-UI is also responsible for overseeing the
implementation of unlisted investment decisions, monitoring the performance of unlisted
investments, and reporting on unlisted investment activities.

In line with the IC-UI’s Board approved Terms of Reference, the PIC seeks to appoint two (2)
Independent Experts to enrich the skills of the IC-UI and, therefore, invites qualified, experienced,
competent, and interested individuals to submit a comprehensive curriculum vitae with a cover
letter for consideration to be appointment as Independent Experts to the IC-UI.

The key responsibilities of the successful individuals will include, but are not limited to:

• Contribute to the unlisted investment expertise of the IC-UI by providing independent
technical, commercial, and financial input to assist members of the IC-UI to enable decision
making regarding unlisted investments; and
• Provide, as and when required, input regarding unlisted investment trends and
developments within a specific sector or industry to enhance members’ decision-making
process.

Individuals interested to be appointed as Independent Experts must have integrity, demonstrate
ethical behaviour , and meet a combination of the following criteria:

• Bring demographic diversity to committee membership
• At least 15 years’ experience in investment analysis, asset manager selection, and pension
fund investments in respect of either unlisted investments, at least 5 of which were at a
senior level
• Possesses a qualification (Honours’ or Masters’ Degree) in investment analysis, actuarial
science or similar financial discipline, further academic or professional qualification
preferred
• Experience in serving on investment or credit committees, with a particular focus on skills
related to empathy and mentoring investment teams
• Technical and/or operational expertise in social/economic infrastructure investments,
venture capital, and asset classes within the PIC unlisted investment portfolio
• Asset management experience in South Africa, Rest of Africa, and internationally
• Critical evaluation of unlisted investment proposals
• Honesty and willingness to demonstrate independent thinking from group positions in a
constructive manner, and lack of conflicts of interests
• Be committed to the PIC’s vision, mission and values
• Not be disqualified to be appointed as a Director or Trustee

Closing date for submission of CVs: 31 January 2025

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Public Investment Corporation Limited
Call for Appointment of Independent Experts to the Public Investment Corporation’s Investment Committee
Pretoria
31 January 2025