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Bloomberg reports that labour federation Cosatu is pushing Parliament to adopt proposed changes to laws regulating the Public Investment Corporation (PIC), which oversees state workers’ pension investments, to make it more accountable and give unions representation on its board.
Parliament’s finance committee is processing the PIC Amendment Bill, but Cosatu fears that the state’s decision to appoint a commission to investigate the fund manager’s governance and operating model could derail its adoption. The commission will also consider possible changes to the PIC’s founding legislation, memorandum of incorporation and investment decision-making framework. According to Matthew Parks, Cosatu’s parliamentary liaison officer, if the new law is not passed by the time the current parliament adjourns before the 2019 elections, it could take several more years for the new legislature to process it. Cosatu wants unions to be able to select their own representatives onto the PIC board and for the fund manager to be given a “developmental investment mandate”. The PIC oversees about R1.93 trillion in assets.
- Read this report by Mike Cohen in full at Moneyweb
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