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Parly committee forges ahead with draft PIC legislation

While the inquiry’s detailed terms of reference have yet to be announced, it will look at whether the PIC Act needs to be changed – something Parliament’s already doing.

FILE: Chairperson of Parliament’s Portfolio Committee on Finance Yunus Carrim. Picture: GCIS

CAPE TOWN - Parliament’s Standing Committee on Finance will press ahead with draft legislation aimed at tightening accountability and greater transparency at the Public Investment Corporation (PIC).

The committee is currently sitting with a Committee Bill and a Private Member’s Bill from the Democratic Alliance (DA) that both that seek to amend the Public Investment Corporation Act of 2004.

Chairperson Yunus Carrim says work on the bills will continue in spite of last week’s announcement of a commission of inquiry into governance issues at the PIC but it could be a race against time.

While the inquiry’s detailed terms of reference have yet to be announced, it will look at whether the PIC Act needs to be changed – something Parliament’s already doing.

Carrim said: “We’ll continue with our bills both the Private Member’s Bill and the Committee Bill but not vote on them and we’ll then look at what the commission proposes.”

The question is whether this can be done before next year’s elections.

The DA’s Alf Lees says it’s critical the PIC Act is strengthened before this Parliament’s term ends.

“There’s a heavy cloud hanging over the PIC – and has been for some time.”

Cosatu is also urging Parliament to push ahead, saying the commission of inquiry could take years.

(Edited by Winnie Theletsane)