Fin24 reports that the Public Servants Association (PSA) has called for the appointment of a new Public Investment Corporation (PIC) board, saying it should include labour representatives.  

This followed an announcement by President Cyril Ramaphosa that an inquiry would be instituted into the governance of PIC.  According to the National Treasury, the commission’s terms of reference would include a review of the PIC’s governance and operating model and also possible changes to the PIC’s founding legislation as well as to its memorandum of incorporation and investment decision-making framework.  The PSA has been vocal about demanding accountability from the PIC, which manages around R2.2trn, most of which constitutes Government Employees Pension Fund (GEPF) funds.  The PIC has been under the spotlight due to some controversial investment decisions, and allegations of impropriety surrounding its CEO Dan Matjila.  In a statement on Friday, PSA general manager Ivan Fredericks that they wanted the PIC board to be dissolved and a new board to be appointed that included labour representatives.  “The PSA has continuously raised its concern on, amongst others, the formation of the PIC board and the carte blanche given to the PIC by the GEPF with public servants’ pension investments," Fredericks indicated.  The union has also turned to the courts to file an application for notice of motion at the Pretoria High Court to address its concerns.

• Read this report in full at Fin24

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