Today's Labour News

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picBusinessLive reports that the Democratic Alliance (DA) has proposed that the chairperson of the Public Investment Corporation (PIC) should be appointed by Cabinet on the recommendation of the National Assembly.  

The PIC manages about R1.9-trillion in assets on behalf of the Government Employees Pension Fund (GEPF) and other statutory funds.  The proposal was contained in a private member’s bill — the Public Investment Corporation Amendment Draft Bill — which DA finance spokesman David Maynier submitted to the speaker of the National Assembly for introduction into the house.  In terms of the bill, the chairperson of the PIC (currently appointed by the Finance Minister) would be appointed by the minister on the recommendation of the National Assembly.  The 10 non-executive members of the board appointed by the minister would, in terms of the bill, include one representative of Treasury, each major depositor of the PIC (such as the GEPF and the Compensation Fund) and a registered trade union that represents the majority of GEPF members.  The draft bill, if enacted, would also require the PIC to disclose all its investments — both listed and unlisted — on an annual basis.

  • Read this report by Linda Ensor in full at BusinessLive
  • Read too, Parliament’s finance committee hopes to finalise PIC bill ‘reasonably soon’, at BusinessLive

Get other news reports at the SA Labour News home page