PIC failing to provide leadership for corporate sector
With good headship, the fund could have been a catalyst for SA’s economic development
It would be hard to overstate the importance of the Public Investment Corporation (PIC) to the South African economy and our society more broadly. Its website notes that it is one of the largest investors in SA equities, with investments contributing towards about 12.5% of the market capitalisation of the JSE. Most of the PIC’s assets under management are entrusted to it by the Government Employees Pension Fund (GEPF). It also manages money for 23 other public bodies that operate pension, provident, social security and guardian funds, including the Unemployment Insurance Fund. The PIC is the nation’s enormous piggybank, investing the money public servants put away for their retirement so that they can receive pensions and benefits after a lifetime of work. It’s so big and such an important player in the financial market that its behaviour and ethics have the inevitable effect of shaping the whole investment ecosystem. If we want to understand why the South African investment industr...
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