RESPONSIBLE INVESTMENT
PIC has become a gravy-pouring zombie for cadres on the graft train
Kganyago’s promise means taxpayers will foot the bill if there were a meltdown at state-owned enterprises
The Public Investment Corporation (PIC) was like a breath of fresh air when it launched a high-profile battle in late 2006 to transform the very heartland of white capital. In Barloworld it chose a powerful establishment pillar to push its demand for a change to the old way of doing things. Although some, particularly among the untransformed ranks of corporate leaders, cringed at the brash full-frontal assault led by the then-admired Brian Molefe, many believed it was about time capital was shaken up and more focus placed on transformation and responsible investment. Who better to do it than the largest fund manager in the country with a mandate extending beyond investment returns to include growth and development? The Raith Foundation would have welcomed this at the time, since it believes the only sustainable form of investment is responsible investment that promotes the long-term success of companies in such a way that the ultimate providers of capital also prosper. The foundatio...
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