PIC amendment bills may be delayed as current parliament ends before elections
There are two PIC bills under review, one proposed by the DA and one by the finance committee itself — which wants to avoid a ‘scrappy amendment process’
Parliament’s standing committee on finance is considering whether to a delay the passage of proposed amendments to the way the Public Investment Corporation (PIC) is governed to allow a commission of inquiry into the entity to finish its work. The PIC, which manages R2-trillion in government pension and other funds, is the largest asset manager on the continent. President Cyril Ramaphosa appointed the commission following allegations against PIC CEO Dan Matjila and criticism over the way the board dealt with them. It will inquire into and make findings on whether certain “transactions contravened PIC policy or resulted in any undue benefit for any PIC director or employee”. He has given the commission until February 15 2019 to submit an interim report and until April 15 2019 for a final report. The problem is that the current parliament will come to an end before elections — expected in April or May next year. This means that the existing finance committee will not be able to incorp...
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