Today's Labour News

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picNews24 reports that the Democratic Alliance (DA) is proposing draft legislation that will strengthen transparency and accountability at the Public Investment Corporation (PIC).  The PIC is responsible for investing the funds of the Government Employees Pension Fund (GEPF) and other state entities.  

The DA’s David Maynier has drafted a private member’s bill to amend the current PIC Act to create a new process for appointing the PIC chairperson; provide for a different structure of the PIC board; and impose a duty on the PIC to disclose all investments.  In the draft, Maynier wants the chairperson of the board to be appointed by the Finance Minister on the advice of the National Assembly, which in turn should consider a list of candidates following nominations from the public and the PIC’s clients.  Another proposal is that any directive from the Finance Minister, such as instructions for investments or statement of strategic intent of the PIC, should be tabled before Parliament within 30 days from being issued.  The PIC has been mired in controversy for a number of months now, ranging from rumours that it will be required to help bail out ailing state-owned enterprises to reports that its CEO Dan Matjila is on his way out.

  • Read this report by Liesl Peyper in full at Fin24
  • Read too, Fresh bid to nail PIC boss Dan Matjila, at IOL News

Get other news reports at the SA Labour News home page