The Public Investment Corporation (PIC) Amendment Bill was passed in the National Assembly by majority vote on Tuesday.
The bill aims to strengthen accountability and transparency in the PIC, which has been beset by allegations of dodgy investments, currently at the centre of a commission of inquiry.
“The bill seeks to provide greater transparency and better governance in the PIC and among the key issues are …the minister must appoint 10 non-executive board members, including a representative of National Treasury, two representatives from the largest depositor and one representative of any depositors whose deposit under management by the PIC is at least 10 percent,” said ANC MP Thandi Thobias, a member of Parliament’s standing committee on finance.
The Government Employees Pension Fund is the biggest depositor in the PIC, which is Africa’s biggest asset manager, controlling more than R2 trillion. “Our bill gives the workers of South Africa a voice on how their money must be invested,” Thobias said referring to unions being represented on the PIC board.In addition, the PIC needs to ask for consent before investing big money in projects which needs to be disclosed in Parliament.
“The minister must table a report annually to Parliament on all investments of deposits and request approval of any significant transactions in terms of the PFMA [Public Finance Management Act] and must table regulations on the PIC in Parliament.”– African News Agency
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