Celebration as PIC Act is signed into law
The act introduces changes to the board, which require that it be chaired by a deputy minister appointed by the minister of finance
The amendment act regulating governance of the Public Investment Corporation (PIC), which is the government’s asset manager, was signed into law this week, heralding changes to the board and improved transparency in reporting.
The Public Investment Corporation Amendment Act was passed by parliament in 2019, following allegations of corruption, which were confirmed by a commission of inquiry headed by judge Lex Mpati. The Mpati Commission found widespread governance lapses and abuses, particularly by CEO Dan Matjila...