PIC appoints acting CIO

The Public Investment Corporation (PIC) has appointed Sholto Dolamo as its acting Chief Investment Officer (CIO). 

Dolamo first started working at the PIC in 2014 as a portfolio manager. In 2015 he was appointed to a newly-formed position of the executive head for research and projects development, reporting directly to the chief executive officer (CEO). 

Sholto holds a BSc in Chemistry from the University of Cape Town, an MSc in Engineering from Wits University and an MBA from GIBS. Prior to working at the PIC, he was at Stanlib and Momentum.

“The PIC board took a decision to reinstate several executive positions, including that of the CIO, to strengthen its decision-making and implementation capability,” the PIC said in a statement.

Restructuring

The post was last filled by Dan Matjila when he took over as CEO in 2014. 

The move is in line with implementing the recommendations of the Judicial Commission of Inquiry into issues of impropriety at the state asset manager, which said the PIC should reevaluate its memorandum of incorporation and reinstate the positions of CIO and chief operations officer that were removed between 2014 and 2015

During that period the PIC underwent organisational restructuring which resulted in the elimination of the posts. 

Read: Matjila, a ‘powerful’ man … or not

The CIO position, in particular, was split into four executive head of investment positions for listed investments, private equity and structured investments, development investments and properties, reporting directly to the CEO. 

The findings of the commission were that the roles of executive heads had no power and that Matjila had essentially collapsed the role of CIO into that of the CEO —  centralising power in his position as he had a final say on investments. 

Matjila has denied this.

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“Previously a CIO would have fulfilled this role, providing the opportunity for an element of checks and balances,” the commission’s report reads. 

The concentration of power in terms of key decision-making with the CEO was “unusual” and not in line with best practice for a company as large as the PIC, which manages over R2 trillion in government employee pension money and other social benefit funds.

The PIC board said that the decision to reinstate several executive positions would “strengthen its decision-making and implementation capability”.