Business Report writes that a week after the Public Investment Corporation’s (PIC’s) chief executive Dr Dan Matjila survived attempts to have him removed from his position, the Federation of Unions of SA (Fedusa) on Thursday said it was seriously considering ditching the fund manager as an investment vehicle for its 230,000-strong state employees members.
The PIC oversees nearly R2 trillion in assets on behalf of government employees. Dennis George, general secretary of Fedusa, said that while the federation was of the view that the PIC was currently well run, it believed moves were afoot to ‘capture’ the organisation. “We are concerned that the lack of good governance at state-owned entities will spill over to the PIC … We are warning the government that pulling out of the Government Employees Pension Fund (GEPF) is one of the options we are considering in protecting the interest of our members,” George stated. According to the PIC’s 2016 annual report, the GEPF is the largest client, with a contribution of 88.2% of total assets under management. Meanwhile, Sizwe Pamla of rival federation Cosatu said they had discussed the PIC, but had not reached a stage where they were contemplating ditching the asset manager, but wanted more transparency.
- Read this report by Kabelo Khumalo in full at Business Report
- Read too, PIC threatened as workers may pull funds, at Moneyweb
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