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BL Premium reports that the Compensation Fund (CF), which pays benefits to workers who are injured or fall ill at work, is tightening up its relationship with state-owned asset manager the Public Investment Corporation (PIC) so it can have advance knowledge of impairments, among other issues.
The Compensation Fund had investments of R85bn in the PIC as at end-December 2021, according to its director of financial reporting, Linda Kotta. It is funded by levies paid by employers. The PIC, which is Africa’s largest asset manager, also invests on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and other social security funds. Several of the changes in the relationship between the CF and the PIC are being made to meet the requirements of the auditor-general. CF commissioner Vuyo Mafata said during a presentation to parliament’s employment and labour committee on Tuesday that the fund wanted to be proactive in obtaining information on the status of its unlisted investments and the impairments in the investee companies in which the PIC invests before receiving the annual valuation reports. Advance knowledge would allow for timely intervention in investee companies in financial distress, Mafata said. Among other issues, the CF wants the service-level agreement with the PIC to include penalties for non-performance and non-compliance with the terms of the Intergovernmental Relations Framework Act.
- Read the full original of the report in the above regard by Linda Ensor at BusinessLive (subscriber access only)
Get other news reports at the SA Labour News home page