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PIC performs well in its annual report, despite governance challenges

The corporation said its assets under management increased by R47 billion when compared to last year.

Investment Corporation. Picture: pic.gov.za

CAPE TOWN - Despite bad publicity, allegations of impropriety and bad investments, the Public Investment Corporation (PIC) has performed well during the last financial year.

The corporation said its assets under management increased by R47 billion when compared to last year.

The state-owned asset manager on Tuesday briefed parliament’s standing committee on finance on its annual report.

In August, the PIC commission of inquiry concluded its hearings into alleged impropriety and was busy preparing its final report for submission.

Deputy Finance Minister David Masondo said: “However, we must indicate that the recent governance challenges should not blind us from some of the impressive investment performance by the PIC. In other words, the lapses in governance should not be treated as a totality.”

PIC interim board chairperson Reuel Khoza told MPs the corporation’s performance was “sound and credible” despite governance challenges.

“And as the single largest asset manager in Africa by assets under management, the PIC controls over 10% of the total Johannesburg Stock Exchange market capitalisation and its performance has been above its peers,” Khoza said.

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