ANA reports that the Federation of Unions of SA (Fedusa) on Friday welcomed the appointment of Ivan Fredericks to the interim board of directors of the Public Investment Corporation (PIC).  

The PIC manages billions of rands of public servants' pension money on behalf of the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF).  Minister of Finance Tito Mboweni last Wednesday announced the appointment of an interim PIC board for the period from 2 July 2019 to 31 July 2020.  Fedusa spokesperson Frank Nxumalo described Fredericks, a former Fedusa vice president for public service as well as currently general manager of the Public Servants Association (PSA), as part of a cohort of prominent worker leaders.  He said the appointment was welcomed “as a progressive implementation of the letter and spirit of the PIC Act, in terms of the requirement of organized labour’s representation on its Board and other statutory and non-statutory Boards overall.”  Fedusa added that worker leaders such as Fredericks would ensure that organized labour as a whole had a strong voice in overseeing that workers’ hard earned monies were not only invested prudently but also done so in strict compliance with the PIC Act in order to guard against both unconstitutional disbursement and reckless lending.

• Read the full original of the above report at Engineering News
• Read Fedusa’s press statement at Fedusa News
• See too, PSA welcomes appointment of interim PIC Board and re-appointment of Reserve Bank Governor, at SA Labour News (press statement)

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