The Public Investment Corporation (PIC) has appointed new directors to the Daybreak Farms board to be chaired by Vuyelwa Viola Matsiliza.
Daybreak, one of the largest South African poultry producers, is wholly owned by the PIC.
Earlier this month, Sunday Times reported that more than R150m has been siphoned out of Daybreak by a group of individuals and companies linked to the company secretary.
The PIC said on Wednesday the new board members were approved by its directors affairs committee after a thorough internal selection process.
Other new members who are expected to take up their duties with immediate effect are Michelle Odayan (deputy chair), Michelle Merle Mbaco, Kameshni Naidoo (chair of the audit and risk committee), and Sagaylan Kamelon Moodliar.
“The PIC believes that the new board will greatly assist with restoring good corporate governance at Daybreak and to ensure that the company focuses on its core business for the benefit of its shareholders on whose behalf the PIC invests, and for the benefit of the company's employees,” it said.
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New board for beleaguered PIC-owned Daybreak Farms
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The Public Investment Corporation (PIC) has appointed new directors to the Daybreak Farms board to be chaired by Vuyelwa Viola Matsiliza.
Daybreak, one of the largest South African poultry producers, is wholly owned by the PIC.
Earlier this month, Sunday Times reported that more than R150m has been siphoned out of Daybreak by a group of individuals and companies linked to the company secretary.
The PIC said on Wednesday the new board members were approved by its directors affairs committee after a thorough internal selection process.
Other new members who are expected to take up their duties with immediate effect are Michelle Odayan (deputy chair), Michelle Merle Mbaco, Kameshni Naidoo (chair of the audit and risk committee), and Sagaylan Kamelon Moodliar.
“The PIC believes that the new board will greatly assist with restoring good corporate governance at Daybreak and to ensure that the company focuses on its core business for the benefit of its shareholders on whose behalf the PIC invests, and for the benefit of the company's employees,” it said.
TimesLIVE
Support independent journalism by subscribing to the Sunday Times. Just R20 for the first month.
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