MPs approve proposal to amend PIC Act
The Public Investment Corporation has faced questions over a number of controversial investment decisions.
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)