ANN CROTTY: PIC is an utterly depressing disappointment
So far absolutely nobody involved in the value destruction has been held to account
How sad and remarkably ironic that as we learn just how flawed the Public Investment Corp (PIC) was in its handling of the R2-trillion under its management we are also almost daily made more aware of what an important role a well-functioning powerful investor could play. Hulamin is the latest in the fast-growing tally of poorly managed listed companies to hit the headlines. And so far absolutely nobody involved in the value destruction has been held to account. Nobody has stood up and said: "Yes, I think that might have been at least partly my fault. I’m sorry, and the least I can do is repay some of the huge remuneration and bonuses you paid me." Not a chance. While corporate executives are quick to claim responsibility for even the slightest hint of a positive development, they move at the speed of light to distance themselves from anything negative. This habit is reinforced by our institutional investors and the various links in the chain that scoop up our money and funnel it the...
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