Cosatu urges NCOP not to delay PIC Bill
Cosatu says ‘there has been strange, unusual and determined covert resistance against the Public Investment Corporation’ bill
Union federation Cosatu has urged the National Council of Provinces (NCOP) select committee on finance not to delay the passage of the Public Investment Corporation (PIC) Amendment Bill. This is before the NCOP rises at the end of the month ahead of elections. Cosatu believes that if the bill is allowed to lapse in the current term of parliament it will not be resurrected by the next one that takes office after the May elections, and that it will be “dead”. The federation strongly supports the bill, which provides for three trade union representatives on the PIC board and for stronger transparency and governance requirements for the asset manager that manages over R2-trillion in assets on behalf of the Government Employees Pension Fund and other social security funds. Cosatu believes such measures are crucial, given the allegations of irregularities that have emerged during the commission of inquiry into the PIC headed up by retired judge Lex Mpati. The federation warned in a submis...
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