Today's Labour News

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picBusinessLive reports that the Public Investment Corporation (PIC) and the Government Employees Pension Fund (GEPF) are resisting proposed amendments to the Public Investment Act that would ensure greater transparency. 

These would inlcude the annual compulsory disclosure of all the corporation’s listed and unlisted investments.  The PIC is the asset manager of the GEPF and the largest investor in SA.  For the past few years, the PIC has agreed under pressure to disclose its unlisted investments.  The bills proposed by Parliament’s finance committee and by DA finance spokesman David Maynier include clauses providing for the compulsory annual submission of all listed and unlisted investments to the minister of finance for tabling in Parliament.  But, a Treasury response to the proposals, which incorporated the views of the PIC and the GEPF, was distributed on Monday and indicated as follows:  "The PIC as asset manager should not be compelled to disclose information about another entity [that is its clients] and that are also the assets owners [for example, the GEPF] without consent."  Maynier found it "absolutely staggering" that the PIC and the GEPF had done an about turn and were now opposing greater transparency.  The Treasury-PIC-GEPF response also opposed an amendment that would give Parliament a say in the appointment of the PIC’s chairman and opposed trade union representation on the PIC board.

  • Read this report by Linda Ensor and Nick Hedley in full at BusinessLive

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