Today's Labour News

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picBusiness Report writes that former Public Investment Corporation (PIC) CEO Dan Matjila has indicated that he would welcome the representation of workers on the asset manager’s board just as long as processes were followed.  

He was responding to questions posed during his testimony at the Mpati Commission of Inquiry into alleged impropriety at the PIC.  The commission noted that last month labour federation Cosatu, during its testimony, had called for a 50/50 percent employer and worker representation on the board.  At the time, the organisation’s parliamentary co-ordinator, Matthew Parks had lamented that despite continuous efforts by Cosatu for the status quo to change, the PIC Act of 2004 only made it possible for the employer to determine who was represented on the board.  "I don't have a problem with that as long as the process is in line with the requirements of the PIC.... The position is that whoever sits on the board is able to drive the mandate of the PIC," Matjila said.  He also made it clear that the board was solely responsible for governance at the PIC and they, the board of trustees within the Government Employee Pension Fund (GEPF), crafted the mandate for the asset manager.

  • Read the full original of Noni Mokati’s report in the above regard at Business Report

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