Press Statement dated 1 August 2018
Reports of a resignation of another non-executive director at the Public Investment Corporation (PIC) owing to squabbles whether to suspend its executive directors pending investigations into the conduct of PIC is a growing concern to the Public Servants Association (PSA).
“The PSA has made its view very clear in the recent past, that the composition of the PIC board is a serious concern. Political interference plays a major role in the challenges that PIC is facing. This should be eliminated urgently, and the Corporation should operate independently to protect the pension investments of public servants,” said PSA General Manager, Ivan Fredericks.
The PSA represents some 240 000 members in the Public Service who belong to the Government Employees Pension Fund (GEPF) that invests its money via PIC.
“As an apparent stakeholder in PIC, it is the PSA’s view that the composition of the board should be reconsidered and labour be included to play oversight role in the investment of members’ pensions. The PSA has filed a court case on 31 July 2018 against the Minister of Finance, PIC, and GEPF. In the motion, the PSA requests amongst others, information regarding the formation of the PIC board, and documentation of the conditions of the ‘bridging loan’ to Eskom earlier in the year. The PSA’s stance remains to root out corruption from this body that looks after over R1.8 trillion of public servants’ pensions. All means necessary will be used to do so,” said Mr Fredericks.
Issued by Ivan Fredericks, General Manager, Public Servants Association (PSA)