PIC: Giving due credit in bad times
Release of report is commendable, given distraction of the Mpati commission and the fact the PIC doesn’t have a board
The good news is that the PIC has not allowed its seemingly endless reputational woes to distract it from its corporate governance commitments. Indeed, in considerably faster time than at any stage in the previous several years the country’s largest fund manager has released its proxy voting report for the three months ended September 2018. It comes just weeks after the release of the end-June voting results and takes the PIC back towards its 2005 relaunch commitment which, as then president Thabo Mbeki said, was "to take a more active role in discharging their [fund management industry] responsibilities as shareholders". It’s all the more commendable an achievement given the huge distraction of the Mpati commission of inquiry and the fact that the PIC currently doesn’t have a board, which itself is probably a contravention of all sorts of governance codes. But if ever there was a time the PIC could have argued it was too busy or distracted to bother releasing the results of its pro...
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