With control of R1.9-trillion in pension and other government social funds, the Public Investment Corporation (PIC) is the largest single investor in the JSE, with investments equal to 12.5% of its market capitalisation. It is also the biggest investor in government debt and holds more than 40% of Eskom’s listed bonds. What it does, how well it does it and whether it does it with integrity is of prime importance to the health of our market and economy. Close to 80% of the R1.9-trillion comes from the Government Employees Pension Fund (GEPF), which entrusts the PIC with a mandate to make investments of up to R2bn in unlisted firms and R10bn in the listed space, without seeking approval. The mandate from the GEPF requires the PIC to make a market-related return, which it has consistently done. For members and pensioners, and even for taxpayers who stand behind the fund to guarantee benefits, this is obviously the most important factor. The mandate also requires the PIC to contribute t...

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