Deputy Finance Minister David Masondo has resigned as chairperson of the Public Investment Corporation (PIC) board, citing the need to safeguard the stability of the state asset manager and maintain public confidence.The PIC, which oversees R3.

6 trillion in assets primarily for government employees, is embroiled in a governance crisis following a string of board resignations, the precautionary suspension of CEO Patrick Dlamini, and scrutiny over the Acapulco black economic empowerment (BEE) financing transaction involving Lanseria Airport.Masondo's decision, announced late on Thursday, was framed as prioritizing institutional stability over personal considerations.He emphasized that his actions were guided by the imperative to protect the funds entrusted to the PIC.

The PIC board is now facing calls for a shareholder vote on the removal of remaining non-executive directors, while Finance Minister Enoch Godongwana has indicated potential interventions to restore stability.

Masondo defended the outgoing board's adherence to good governance principles but acknowledged the need for leadership to place the institution above personal interests.

Ongoing investigations into whistleblower allegations, the Acapulco matter, and governance issues will continue despite his resignation, with legal processes set to proceed unhindered.

The resignation underscores the deepening challenges at South Africa's largest asset manager, raising concerns about transparency and accountability in public financial management.