PIC should not disclose its listed investments as it could influence the market, Nhlanhla Nene says
Two bills propose that the Public Investment Corporation be required to disclose all listed and unlisted investments yearly in a report
Finance Minister Nhlanhla Nene does not support a proposal that would require the Public Investment Corporation (PIC) to disclose all its listed investments. The proposal to oblige the PIC to disclose its listed investments was contained in two bills currently the subject of public hearings by Parliament’s finance committee. The bills have been proposed by the committee itself and by DA finance spokesman David Maynier. Both bills proposed that the PIC be required to disclose all its listed and unlisted investments yearly by way of a report. The PIC, with assets under management of nearly R2-trillion, is the largest investor on the JSE. It acts as the asset manager for the Government Employees Pension Fund (GEPF) and other statutory funds.
The minister said he did not support the disclosure of listed investments "because it will entail a collation of all the listed investments, which can influence the market. Other investors can very easily see what the PIC’s positions and view...