Board’s warning to Sithole over Ayo settlement demonstrates a willingness to carry the torch for corporate governance
It’s hard to overstate the importance of the Public Investment Corp in the South African market.
This is partly why the PIC was put under such an onerous microscope at the Mpati commission so that, having gone through that process, it could legitimately claim to have overhauled its governance. Yet in late March, the PIC abruptly reached a “settlement” with Ayo, saying the terms would remain “confidential”. It took less than a day for those terms to emerge in the Daily Maverick, which revealed that the PIC would get R619m, retain 25% of Ayo, plus retain a right to sell another 5% back to Ayo for less than half what it paid.
“The PIC’s management has a duty of care to protect the company’s integrity and reduce the risk of reputational damage — this includes the responsibility of management to timeously inform the board of intended settlements.”
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