PIC draft bill drops investment prescriptions, adds guidelines
The finance committee softens previous stance on how the Public Investment Corporation should invest
The differences between the ANC and the DA over the proposed Public Investment Corporation Amendment Bill have narrowed now that the finance committee has softened its previous stance on how the PIC should invest. Both the committee and DA MP David Maynier have proposed draft legislation aimed at strengthening corporate governance, accountability and transparency of the PIC which manages more than R2-trillion in assets on behalf of the Government Employees Pension Fund (GEPF) and other social security funds. The DA’s bill has been rejected by the ANC-dominated committee, which will now proceed with its own. The PIC is the largest asset manager in Africa and the largest single investor on the JSE, so any framework imposed on its investment strategy would have ripple effects throughout the economy. The need to strengthen corporate governance, accountability and transparency has been highlighted over the past year by the revelation of suspect investments in which the PIC was involved, ...
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