PIC Amendment Bill adopted by National Assembly
Four opposition parties are not happy about the deputy finance minister being chair of the PIC board
An amendment bill that strengthens the accountability, transparency and corporate governance of the Public Investment Corporation (PIC) was adopted by the National Assembly on Tuesday. This was despite four opposition parties decrying its provision that the deputy finance minister — or, alternatively, another deputy minister from the economic cluster — be chair of the PIC board. The PIC Amendment bill has now been referred to the National Council of Provinces. The PIC is Africa’s largest investment manager with R2-trillion in assets that it manages on behalf of the Government Employees Pension Fund (GEPF) and other social security funds, such as the Unemployment Insurance Fund (UIF) and the Compensation Fund. The DA, African Christian Democratic Party (ACDP), the UDM and the COPE argued that having a deputy minister as chair of the PIC board would open the way for political interference. UDM MP Nqabayomzi Kwankwa strongly opposed any member of the executive chairing the PIC. Chair o...
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