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Business Report writes that the Public Servants Association (PSA) is extremely concerned about the Public Investment Corporation’s (PIC’s) stability amid recent media reports on the exodus of several of its board members.
The PIC board members who departed were Irene Charnley, Sindi Mabaso-Koyana, Maria Ramos and Bhekithemba Gamedze. The board remains under the chairpersonship of Dr Reuel Khoza. The PSA represents some 240,000 public-sector employees who belong to the Government Employees Pension Fund (GEPF), which invests its funds via the PIC. “The PSA, as the second-largest union representing members in the Public Service, has long been concerned about governance issues at the PIC. The PSA, on behalf of its members, has a significant and direct interest in how GEPF assets are invested and thus in the governance structures, management, and performance of the PIC,” the trade union indicated. It warned that without a proper representative on the PIC board, poor investment decisions might re-occur. “The PSA further believes that any further delays to appoint a permanent board will cause instability. It therefore requested the Minister of Finance to without delay consult with major depositors to appoint new, suitable PIC board members,” it said.
- Read the original of the report in the above regard at Business Report
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