PIC chairperson should be appointed by Cabinet, says the DA
This is proposed in the Public Investment Corporation Amendment Draft Bill, which aims to enhance governance and increase transparency in the institution
The chairperson of the Public Investment Corporation (PIC), which manages about R1.9-trillion in assets on behalf of the Government Employees Pension Fund (GEPF) and other statutory funds, should be appointed by Cabinet on the recommendation of the National Assembly.This is proposed by DA finance spokesman David Maynier in a private member’s bill — the Public Investment Corporation Amendment Draft Bill — which he has submitted to the speaker of the National Assembly, Baleka Mbete, for introduction into the house.Maynier observes in his notes to the draft bill that the PIC is one of the cornerstones of the South African economy and its good governance is a priority. The draft bill aims to enhance its governance, introduce checks and balances in its management structures, and increase transparency.In terms of the bill, the chairperson of the PIC — currently appointed by the Finance Minister — would be appointed by the minister on the recommendation of the National Assembly. The 10 non...
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