20°C / 22°C
  • Wed
  • 29°C
  • 11°C
  • Thu
  • 32°C
  • 16°C
  • Fri
  • 30°C
  • 18°C
  • Sat
  • 31°C
  • 16°C
  • Sun
  • 33°C
  • 16°C
  • Mon
  • 33°C
  • 17°C
  • Wed
  • 18°C
  • 12°C
  • Thu
  • 19°C
  • 12°C
  • Fri
  • 19°C
  • 13°C
  • Sat
  • 18°C
  • 12°C
  • Sun
  • 17°C
  • 12°C
  • Mon
  • 16°C
  • 10°C
  • Wed
  • 32°C
  • 13°C
  • Thu
  • 34°C
  • 19°C
  • Fri
  • 32°C
  • 20°C
  • Sat
  • 32°C
  • 19°C
  • Sun
  • 36°C
  • 18°C
  • Mon
  • 37°C
  • 19°C
  • Wed
  • 31°C
  • 13°C
  • Thu
  • 36°C
  • 15°C
  • Fri
  • 29°C
  • 22°C
  • Sat
  • 33°C
  • 19°C
  • Sun
  • 34°C
  • 19°C
  • Mon
  • 33°C
  • 16°C
  • Wed
  • 27°C
  • 17°C
  • Thu
  • 23°C
  • 17°C
  • Fri
  • 27°C
  • 16°C
  • Sat
  • 25°C
  • 18°C
  • Sun
  • 26°C
  • 18°C
  • Mon
  • 22°C
  • 16°C
  • Wed
  • 19°C
  • 12°C
  • Thu
  • 19°C
  • 12°C
  • Fri
  • 23°C
  • 14°C
  • Sat
  • 18°C
  • 13°C
  • Sun
  • 20°C
  • 12°C
  • Mon
  • 17°C
  • 11°C
  • Wed
  • 19°C
  • 10°C
  • Thu
  • 22°C
  • 10°C
  • Fri
  • 16°C
  • 12°C
  • Sat
  • 19°C
  • 9°C
  • Sun
  • 17°C
  • 10°C
  • Mon
  • 14°C
  • 7°C
  • Wed
  • 17°C
  • 12°C
  • Thu
  • 20°C
  • 12°C
  • Fri
  • 16°C
  • 13°C
  • Sat
  • 18°C
  • 12°C
  • Sun
  • 16°C
  • 11°C
  • Mon
  • 14°C
  • 9°C
  • Wed
  • 33°C
  • 15°C
  • Thu
  • 36°C
  • 17°C
  • Fri
  • 32°C
  • 22°C
  • Sat
  • 33°C
  • 19°C
  • Sun
  • 35°C
  • 19°C
  • Mon
  • 37°C
  • 20°C
  • Wed
  • 28°C
  • 13°C
  • Thu
  • 31°C
  • 12°C
  • Fri
  • 31°C
  • 14°C
  • Sat
  • 30°C
  • 14°C
  • Sun
  • 32°C
  • 13°C
  • Mon
  • 25°C
  • 11°C
  • Wed
  • 33°C
  • 14°C
  • Thu
  • 29°C
  • 16°C
  • Fri
  • 35°C
  • 15°C
  • Sat
  • 31°C
  • 19°C
  • Sun
  • 38°C
  • 17°C
  • Mon
  • 40°C
  • 18°C
  • Wed
  • 20°C
  • 11°C
  • Thu
  • 20°C
  • 11°C
  • Fri
  • 25°C
  • 13°C
  • Sat
  • 17°C
  • 12°C
  • Sun
  • 20°C
  • 10°C
  • Mon
  • 17°C
  • 9°C

MPs approve proposal to amend PIC Act

The Public Investment Corporation has faced questions over a number of controversial investment decisions.

FILE: Picture: Christa Eybers/EWN.

CAPE TOWN - Legislation governing the Public Investment Corporation (PIC) is set to be amended.

The National Assembly, on Tuesday night, approved a proposal to change the Public Investment Corporation Act to beef up governance, accountability and ensure more transparency in its investments.

The PIC has faced questions over a number of controversial investment decisions.

It manages about R2 trillion in assets on behalf of the government, much of it public servants’ pension savings.

African National Congress MP and whip in the Standing Committee on Finance, Thandi Tobias said: “Some of the clauses in the legislation will ensure compulsory and annual submission of both listed and unlisted investments by the Minister of Finance to table in Parliament through the annual report of his department. Therefore there will be no conspicuous investment hidden under unlisted investments which will escape public scrutiny.”

The bill will be drafted by the Committee. Also, on the cards is compulsory union representation on the PIC’s board.

(Edited by Zamangwane Shange)

Comments

EWN welcomes all comments that are constructive, contribute to discussions in a meaningful manner and take stories forward.

However, we will NOT condone the following:

- Racism (including offensive comments based on ethnicity and nationality)
- Sexism
- Homophobia
- Religious intolerance
- Cyber bullying
- Hate speech
- Derogatory language
- Comments inciting violence.

We ask that your comments remain relevant to the articles they appear on and do not include general banter or conversation as this dilutes the effectiveness of the comments section.

We strive to make the EWN community a safe and welcoming space for all.

EWN reserves the right to: 1) remove any comments that do not follow the above guidelines; and, 2) ban users who repeatedly infringe the rules.

Should you find any comments upsetting or offensive you can also flag them and we will assess it against our guidelines.

EWN is constantly reviewing its comments policy in order to create an environment conducive to constructive conversations.

comments powered by Disqus