Fin24 reports that MPs heard on Tuesday that the Public Investment Corporation (PIC) was committed to restoring "sound corporate governance" at the institution.
PIC chairperson Reuel Khoza and other executives briefed Parliament's portfolio committee on finance on the investment corporation's annual results for 2018/19. The PIC manages over R2.trn worth of assets of public funds such as the Unemployment Insurance Fund and the Government Employees Pension Fund (GEPF). Despite difficulties in the past year, assets under its management grew 2.3% to R2.131trn. The PIC also boasted that its returns outperformed those of other asset managers in the market. According to its presentation, it delivered a return on its listed investments of 11.45% a year over the past ten years to end-March for the GEPF. The GEPF return over five years was 6.72% a year and 5.59% over three years. In the near term, the PIC board will prioritise stabilising leadership and management by filling vacant senior positions. Khoza told MPs the recruitment of a new CEO had begun, the position would be advertised soon. Other steps taken to improve governance at the PIC included separating the positions of CEO and Chief Investment Officer and adding the positions of Chief Risk Officer, Chief Technology Officer and Chief Operating Officer.
- Read the full original of the report in the above regard by Lameez Omarjee at Fin24
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