South African President Cyril Ramaphosa has agreed to set up a commission of inquiry into alleged governance failures at the state-owned pension fund, the Finance Ministry said on Thursday.

“The commission’s terms of reference will include a review of the PIC’s governance and operating model, possible changes to the PIC’s founding legislation and its Memorandum of Incorporation and investment decision-making framework,” the Finance Ministry said in a statement.

($1 = 14.5650 rand)