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BusinessLive reports that the Public Servants Association (PSA) told MPs on Wednesday that no politician should chair the board of the Public Investment Corporation (PIC).
Such a prohibition would ensure there was no political intervention in the affairs of the fund, the PSA’s Leon Gilbert told the finance committee in respect of the Public Investment Corporation Amendment Bill. Currently, the PIC Act provides that the finance minister must appoint the chair of the PIC board and deputy finance minister Mondli Gungubele chairs the PIC. Gilbert, however, said the chair of the PIC should be appointed from the board of directors. The bill currently stipulates that the finance minister, or if designated by him, the deputy minister, should chair the board. It also provides for trade union representation on the board. The PIC manages about R2.2 trillion on behalf of the Government Employees Pension Fund (GEPF), the Unemployment Insurance Fund and the Compensation Fund. Gilbert also strongly opposed a provision requiring the PIC to consider certain stipulated issues when exercising its powers. He said there should be nothing in the statute “which permits the PIC to ignore or overrule or depart from the investment objectives of its clients.” Cosatu strongly supported the bill.
- Read this report by Linda Ensor in full at BusinessLive
- Read too, Cosatu urges Parliament to pass PIC Bill before year-end, at Business Report
Get other news reports at the SA Labour News home page