Today's Labour News

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picBusinessLive reports that a bill aiming to strengthen the corporate governance, accountability and transparency of the Public Investment Corporation (PIC) was adopted by parliament’s finance committee on Tuesday.  

It will be debated in the National Assembly next week and then be referred to the National Council of Provinces.  The PIC manages more than R2-trillion in assets on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund and the Compensation Fund, amongst others.  The need to strengthen corporate governance has been highlighted over the past year by the disclosure of suspect investments in which the PIC was involved.  The bill requires that the PIC invest in projects that benefit depositors, and act in accordance with their instructions.  It “must seek” to invest in projects that further the developmental objectives of the country, as specified.  A report reflecting all investment of deposits whether listed or unlisted would have to be submitted to the applicable minister for tabling with the annual report of the department and published on the PIC's website.

  • Read Linda Ensor’s report on the PIC Bill in full at BusinessLive

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