The largest shareholder in South African cement maker PPC will vote against a resolution next month to remove the entire board, the acting chief executive of the $126 billion state-owned fund said on Thursday. Investors in South Africa's biggest cement manufacturer are due to meet early next month to consider removing the entire board. The meeting's resolution was requested by three shareholders with a combined 10% of the company. But the vote of the Public Investment Corporation (PIC), which owns around 12% of PPC and is one of South Africa's most influential investors, will likely be critical. "In terms of corporate governance principles, the PIC would like to see continuity on company boards. It is within this context that the PIC does not favour the removal of an entire board," Matshepo More told Reuters. The PIC manages more than $126 billion in pension assets for government employees. His comments came after PPC Chairman Bheki Sibiya told Reuters the board had the backing of its largest investor.