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BusinessLive reports that the commission of inquiry into impropriety at the Public Investment Corporation (PIC) heard on Wednesday that the government was considering breaking up the organisation into autonomous business units to help improve efficiency.
Investment expert Muitheri Wahome said: “The PIC is in the process of reviewing its operating structure and internal discussions are underway to determine what operating model to adopt. Currently under consideration is a business unit structure.” Wahome briefed the commission on discussions at a PIC workshop which took place in May, which finance minister Tito Mboweni had attended and where it was discussed how to reform the outdated organisational structure of the state-owned asset manager. The PIC currently provides a full array of investment services to its 23 institutional public sector clients, which include the Government Employees Pension Fund (GEPF). According to Wahome, any major restructuring could be done according to asset class, namely listed equities, fixed income, private equity/impact investing, listed and unlisted property, and as a multimanager. Wahome indicated that the PIC had acknowledged it was short on capacity and skills in the unlisted arena and this limited “the corporation’s ability to compete for prime assets”.
- Read the full original of Warren Thompson’s report in the above regard at BusinessLive
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