MPs want PIC to give assets to previously disadvantaged
It manages R1.9-trillion of assets on behalf of the Government Employees Pension Fund, Unemployment Insurance Fund and Compensation Fund
Parliament’s finance committee has recommended that the Public Investment Corporation (PIC) consider disposing of some of its assets to previously disadvantaged individuals. The corporation manages R1.9-trillion of assets on behalf of the Government Employees Pension Fund, the Unemployment Insurance Fund and the Compensation Fund. It recently disclosed the nature of its R44.5bn investments in unlisted companies. The finance committee also recommended in its budgetary review and recommendation report on Treasury and the entities falling under it that the PIC consider increasing the number of black fund asset managers in the management of its investments by external asset managers. The report also urged Treasury to consider having SAA and all other state-owned enterprises audited by the auditor-general. Currently external auditors audit the financial statements of the national airline. The committee has also recommended that Treasury should strengthen its oversight of SAA and other st...
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