Bloomberg reports that Ivan Fredericks, general manager of the Public Servants Association, and Mugwena Maluleke, general secretary of the South African Democratic Teachers Union, are set to be appointed to the interim board of the Public Investment Corporation (PIC) as early as this week.  

The National Education Health & Allied Workers’ Union (Nehawu) will also have a board member, but hasn’t yet decided who that will be.  The pension fund contributions of public sector employer are paid over to the Government Employees Pension Fund (GEPF), which the PIC then manages on behalf of the pension fund.  The PIC’s current board members offered to resign in February after testimony at a commission of inquiry brought to light a string of questionable investment decisions.  In a break with tradition, the new board, which will serve until the commission releases its findings, apparently won’t be chaired by the deputy finance minister.  The PSA has 240,000 members, making it the biggest contributor by members to funds that ultimately flow to the PIC.  Sadtu has about 230,000 members and Nehawu about 194,000.

• Read the full original of the report by Antony Sguazzin on this story at Moneyweb

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