Finance Minister Enoch Godongwana said on Friday he would appoint a new board for the Public Investment Corporation (PIC) after a series of board resignations at the state-owned asset manager.

Eight board members, including Deputy Finance Minister David Masondo, who served as PIC board chair, have resigned, Godongwana said in a statement, with Masondo's departure on Thursday marking the latest exit.

The asset manager faces mounting scrutiny after Chief Executive Patrick Dlamini was suspended pending an investigation into allegations raised by a whistleblower, while South Africa's financial regulator has launched a separate governance probe.

Local news website News24 has reported that Godongwana has called a general meeting of the PIC on Monday to vote on the removal of the remaining board members.

The asset manager is one of Africa's largest, overseeing more than R3-trillion of funds.

Its largest client is South Africa's Government Employees Pension Fund, and it is the biggest investor on the JSE.

The PIC has grappled with governance challenges for more than a decade, with many of the issues now facing the institution echoing findings of a 2020 judicial inquiry that identified weaknesses in oversight, accountability and investment decision-making.