BusinessLive reports that according to Cosatu, the Government Employees Pension Fund (GEPF) could have exercised better oversight over the scandal-ridden Public Investment Corporation (PIC).  

The union federation, whose affiliates members’ pension savings are invested by the PIC on behalf of the GEPF, said on Tuesday that while workers were “angered” by reports of mass looting and corruption at the statutory corporation, its representatives and others on the fund’s board needed to get their act together.  Cosatu general secretary Bheki Ntshalintshali said the federation hoped that the proposed legislative amendments to the way the PIC was governed would address some of the governance weaknesses at the asset manager.  However, the strengthening of GEPF trustees would also aid the situation.  The federation called on finance minister Tito Mboweni to include union representatives in the composition of the new PIC board.

• Read Theto Mahlakoana’s report in the above regard in full at BusinessLive

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