Cosatu laments poor oversight of PIC by pension fund trustees
Unions federation whose members’ pensions are managed by the PIC wants direct representation on the PIC board
The Government Employees Pension Fund (GEPF) could have exercised better oversight of the scandal-ridden Public Investment Corporation (PIC), says Cosatu. The unions federation, whose members’ pension savings are administered by the PIC on behalf of the GEPF, said on Tuesday that while workers were “angered” by reports of mass looting and corruption at the corporation, its representatives and others on the fund’s board needed to get their act together. PIC officials, including former CEO Dan Matjila, have been accused of wrongdoing and corruption, with four of its directors including deputy finance minister and chair Mondli Gungubele facing similar allegations. The corporation’s workings and investment transactions are under scrutiny at the commission of inquiry headed by Justice Lex Mpati, which was established by President Cyril Ramaphosa to look into allegations of impropriety at the PIC. Cosatu general secretary Bheki Ntshalintshali said the federation hoped that the proposed le...
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