PIC bill heads for final stages despite hurdles
But there are fears of last-minute bid to stop passage to wait for the outcome of the Mpati commission
Public hearings on the Public Investment Corporation (PIC) Amendment Bill in the select committee on finance in the National Council of Provinces (NCOP) will go ahead on Tuesday, amid fears of a last-minute bid to stop its passage. The bill, which amends the governance arrangements of the PIC by adding trade union representatives to the board and legislates for public transparency of its investments, was passed by the National Assembly two weeks ago. The NCOP, which must also approve the bill, began processing it a week ago. The PIC invests more than R2-trillion on behalf of the Government Employees Pension Fund (GEPF) as well as other government social funds. Several of its investments as well as the conduct of its executives and directors are under scrutiny at a judicial commission of inquiry, headed by retired judge Lex Mpati. Mpati’s commission, which was given its terms of reference by President Cyril Ramaphosa, is also charged with making recommendations on the governance arra...
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