PUBLIC INVESTMENT ACT
PIC rejects proposals that ensure more disclosure
Transparency of PIC investments has become critical in view of some of its questionable investment decisions
The Public Investment Corporation (PIC) and the Government Employees Pension Fund (GEPF) are resisting proposed amendments to the Public Investment Act that would ensure greater transparency, including the annual compulsory disclosure of all the corporation’s listed and unlisted investments. Transparency of PIC investments has become critical in view of some of its questionable investment decisions and the bid by embattled state-owned companies such as South African Airways and Eskom to dip into its reserves. As the asset manager of the GEPF and the largest investor in SA at R1.8-trillion, it is subject to intense lobbying from politically connected individuals. For the past few years, the PIC agreed under pressure to disclose its unlisted investments. The bills proposed by Parliament’s finance committee and by DA finance spokesman David Maynier include clauses providing for the compulsory annual submission of all listed and unlisted investments to the minister of finance for tablin...