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PIC Board of Directors is Fired

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On February 1, 2019, South African Minister of Finance Tito Mboweni effectively terminated the whole board of South Africa’s Public Investment Corporation (PIC). The Finance Minister got a hold of emails which detail levels of corruption at PIC. PIC’s board then moved to request the Finance Minister accept its resignation in a joint letter signed by all.

The PIC board Statement: “The Board of the Public Investment Corporation SOC Limited (PIC), having met today, resolved to request the Minister of Finance, Mr TT Mboweni, to release the Board of Directors.”

The PIC resignation letter – dated February 1, 2019, said, “The board met on 1 February 2019 for its scheduled board meeting. After dealing with its normal business, the board held an in camera session where it reflected on the various events in the recent past.

It is inevitable that these events have destabilized the institution. There have also been various allegation against at least four directors for now. Our assessment is that this may not be the end. There is clearly a concerted effort to discredit the board of directors to an extent that there cannot be any credibility to the work that is executed in fulfilling its fiduciary responsibilities.

We therefore cannot help but view this as an attempt to bring the institution into a state of paralysis. There events have been unbearable to us an individuals and have undoubtedly had a negative impact of our professional integrity.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

China’s Central Bank Creates Macro-Prudential Management Bureau

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The People’s Bank of China (PBOC) created a new department to oversee and attempt to eliminate financial risks to the system. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Like its U.S. Peers, Legg Mason Seeks to Trim Costs

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Legg Mason Inc., a Baltimore-based asset manager, has announced a reduction in workforce as is prepares to streamline operations and save money. Legg Mason’s leadership commented that assets under management fell 5 % year-on-year. Legg Mason currently manages US$ 727.2 billion (as of December 31, 2018), which is down from the previous US$ 767.2 billion. CEO Joseph A. Sullivan noted that a global operating platform will centralize fund administration, IT, and other departments that work with affiliates. Sullivan did not discuss the number of layoffs expected, or specify which areas would be impacted. Legg Mason disclosed they planned to close a quarter of its exchange-traded funds in March 2019. These three ETFs include a U.S. strategy, emerging markets, and a developed markets strategy outside the U.S. However, these funds run around US$ 28 million in assets under management.

[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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Monetary Authority of Singapore Establishes Corporate Governance Advisory Committee

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On February 12, 2019, the Monetary Authority of Singapore (MAS) revealed the creation of a Corporate Governance Advisory Committee (CGAC). CGAC was formed to advocate for good corporate governance practices among listed companies in Singapore. Bobby Chin, Director of Singapore Telecommunications Limited, will be the Chair of CGAC. According to a MAS press release, “CGAC will identify current and potential risks to the quality of corporate governance in Singapore.”

MAS formed the Corporate Governance Council (Council) in February 2017. The Council was dissolved after it pushed out a publication of its final recommendations on August 6, 2018.

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