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DA wants parly to have say in who chairs PIC

The PIC invests funds on behalf of state entities, including the Government Employees Pension Fund, and manages about R1.9 trillion in assets.

The present chairperson of the PIC is deputy Finance Minister Sfiso Buthelezi. Picture: Christa Eybers/EWN

CAPE TOWN - The Democratic Alliance (DA) has proposed a number of changes to the act that governs the Public Investment Corporation (PIC), including one that will allow Parliament to recommend who should chair it.

The PIC invests funds on behalf of state entities, including the Government Employees Pension Fund, and manages about R1.9 trillion in assets.

The present chairperson is deputy Finance Minister Sfiso Buthelezi, and the right to appoint is the exclusive domain of the Finance Minister.

But the party says this should change.

The DA’s David Maynier says the National Assembly should recommend to the Finance Minister who to appoint as chairperson of the PIC.

“We believe the chair of the PIC should be independent and should not be a political appointment.”

Maynier’s Private Member's Bill also proposes that the PIC board include a trade union representative as it invests workers’ savings on behalf of the Government Employees Pension Fund.

It also proposes that the PIC each year publish a list of all its investments, whether listed or not, in the interests of greater transparency.

Gazetted in October last year for public comment, the bill has now been sent to National Assembly Speaker Baleka Mbete for referral to Parliament’s Standing Committee on Finance.

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