National Assembly adopts bill to improve transparency and governance at PIC | Fin24
The National Assembly adopted the Public Investment Corporation Amendment Bill, which seeks to strengthen governance and improve transparency at the investment manager.
Among the provisions of the amendment bill put forward by the standing committee on finance, include having the finance minister appoint 10 non-executive board members - one to be a National Treasury representative, two representatives from the largest depositor and one from any depositor whose assets under management by the PIC is less than 10%, ANC MP Thandi Tobias told the National Assembly.
Further the PIC is to invest in projects that benefit the beneficiaries of depositors, in accordance with instructions of depositors."Our bill gives the workers of SA a voice on how their money must be invested," Tobias emphasised.
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