NCOP committee adopts PIC Amendment Bill in snub to Tito Mboweni
Stronger corporate governance and transparency is envisaged and provision is made for trade union representation on its board
The select committee of the National Council of Provinces (NCOP) has snubbed finance minister Tito Mboweni, who had pressured them to delay the adoption of the Public Investment Corporation (PIC) Amendment Bill by parliament, adopting the bill without amendments on Tuesday. The bill will be submitted to a plenary session of the NCOP on March 28, the day it rises ahead of the elections, and if passed will be sent to President Cyril Ramaphosa for signature and promulgation. The bill provides for stronger corporate governance and transparency at the PIC and for trade union representation on the organisation’s board. The PIC manages more than R2-trillion in assets on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and the Compensation Fund. Mboweni wrote a letter to the chair of the select committee, Charel de Beer, expressing concern that the bill provided for a political office-bearer to be the chair of the PIC. The bill states that the deputy minister...
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