DA bill on Public Investment Corporation handed to Baleka Mbete
The draft bill provides for the chairman of the all-important PIC to be appointed by the Cabinet
Parliament’s finance committee hoped to finalise a bill to amend the Public Investment Corporation (PIC) Act "reasonably soon", committee chairman Yunus Carrim said on Wednesday. His comment came in response to a statement by DA finance spokesman David Maynier that he had submitted a private member’s bill — the Public Investment Corporation Amendment Draft Bill — to speaker of the National Assembly Baleka Mbete for introduction in the house. The draft bill provides for the chairman of the all-important PIC, which manages about R1.9-trillion in assets on behalf of the Government Employees Pension Fund and other statutory funds, to be appointed by the Cabinet on advice from the National Assembly. Carrim said the committee was going to propose many of the amendments contained in Maynier’s bill and had taken a resolution to this effect. 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 priori...