EDITORIAL: Political hand casts a shadow over PIC Act
The reform job is 90% done but there is a glaring flaw: now it is law that a deputy minister is chair of the board
The Public Investment Corporation (PIC) Amendment Act was signed into operation by President Cyril Ramaphosa last week. It had sat on his desk for so long — ever since it was passed in early 2019 — that he had run out of time to delay it any further. The president cannot send a bill back to parliament or fail to sign it once passed unless he has a constitutional reason, and he did not.
And so it was signed, bringing into force transparency and accountability that had been strongly resisted by the PIC and also to some extent by the Treasury. The asset manager, which manages about R2.1-trillion in government pension and social funds, will now have to publish on its website all transactions in the unlisted space, which previously it did not have to disclose...
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