No politician should chair the board of the Public Investment Corporation (PIC), the Public Servants Association (PSA) told parliament on Wednesday. Such a move would ensure there was no political intervention in the affairs of the fund, PSA assistant GM of collective bargaining Leon Gilbert told parliament’s finance committee on the Public Investment Corporation Amendment Bill. Currently, deputy finance minister Mondli Gungubele chairs the PIC and has played a direct role in the saga surrounding PIC CEO Dan Matjila and his alleged misuse of PIC funds. The PIC Act says the finance minister must appoint the chair of the PIC board. Gilbert, however, said the chair of the PIC should be appointed from the board of directors. The bill provides that the finance minister, or if designated by him, the deputy minister, should chair the board. It also provides for trade union representation on the board.

The PIC manages about R2.2 trillion on behalf of the Government Employees Pension F...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.