The Star reports that the Public Investment Corporation (PIC) commission of inquiry into allegations of impropriety continued this week, and Cosatu reiterated its call for more worker representatives at the level of the board of the embattled financial services institution.
Matthew Parks, the labour federation’s parliamentary co-ordinator, pointed out that the majority of PIC funds was money belonging to pensioners employed in state institutions. Information supplied by Cosatu contended that 87% of funds managed by the PIC was public servants’ pensions. About 7% was workers’ unemployment insurance (UIF), while 4% constituted workers’ injury on duty insurance. “There have been many stories of dubious investments, and politicians, their relatives and dodgy businesses reaping billions off it. Workers cannot afford for the PIC to go the route of Eskom. It is the largest investment fund in SA and Africa. It has shares in most companies. It owns 12.5% of the JSE’s shares. It is too large to fail,” Parks observed. He contended that the problem was that the PIC Act allowed the minister of finance to appoint the board with few checks and balances; no worker representation; no requirements to account to depositors, the public or Parliament; and no investment guidelines. Most importantly, he said, there have never been any union representatives on the PIC board. Over the past two years, Cosatu has worked closely with ANC MPs to draft a PIC Amendment Bill, which provides for three worker representatives on the board.
- Read more of Ayanda Mdluli’s report which appeared on page 4 of The Star of 19 March 2019 at SA Labour News
Get other news reports at the SA Labour News home page