The Public Investment Corporation (PIC) has appointed Batandwa Damoyi as its new CFO.
She is a chartered accountant with more than 16 years of experience post articles in corporate finance.
She also completed the Strategic Leadership Programme at the Gordon Institute of Business Science.
Damoyi has served on several company boards in both the public and private sectors. Notably, she was CFO and executive director at African Exploration Mining and Finance from 2012 to 2019, and at BAIC Automotive South Africa, respectively, the PIC points out.
She then founded Libana Consulting in 2019.
At the PIC, Damoyi will be responsible for maintaining adequate accounting records, prudent financial controls and for the integrity of the PIC’s financial statements in line with the International Financial Reporting Standards.
This includes ensuring that the internal financial controls are sound and overseeing the external audit process by the Auditor-General of South Africa (AGSA).
In welcoming her appointment, PIC CEO Abel Sithole emphasised that the PIC must build on its record of unqualified audit reports, sound internal controls and prudent investments.
“No significant instances of fruitless and wasteful expenditure were incurred and no material findings or misrepresentations in the financial statements were raised by the AGSA during the past financial year.
“The laudable efforts of Brian Mavuka, who acted as CFO since November 2018, and the five consecutive years of unqualified audit opinions by the AGSA, must be recognised,” Sithole said.
He expressed confidence that Damoyi, given her qualifications, experience and commitment to ethics and integrity, would lead these efforts to entrench sound management, leadership, compliance, stringent governance and internal controls at the PIC.