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Fin24 reports that after more than a year, the Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) have finally agreed on a new mandate for unlisted investments.
When the PIC's mandate to oversee R70 billion of the GEPF's unlisted investment fund lapsed in March 2021, the pension fund did not renew it. The GEPF first introduced the unlisted developmental investment mandate in 1997, for an entity called the Isibaya Fund. The mandate was renewed without problems over the years, until the Mpati Commission of Inquiry highlighted governance shortcomings and alleged corruption at the PIC. The PIC announced on Tuesday that the two institutions had signed a new mandate. The PIC emphasised that the developmental investment funds falling under this newly negotiated mandate were crucial for generating financial and socioeconomic benefits for SA's economy and the money would be used to helps fund developmental projects in SA and the rest of Africa. The PIC did not specify if it would still manage R70 billion under the Isibaya Fund as before, or whether the GEPF had reduced this. But the pension fund had previously indicated that it expected to reduce the amount of money it allocated to the Isibaya Fund under a new mandate.
- Read the full original of the report in the above regard by Londiwe Buthelezi at Fin24
- Read too, GEPF, PIC sign new development investment mandate, at Engineering News
Get other news reports at the SA Labour News home page