PIC deserves credit

It was ironic to read Lukanyo Mnyanda’s first Editor’s Note (Business Day’s commitment to a better future remains, May 7) and in the same edition read Stuart Theobald’s article, wherein he implied that the Public Investment Corporation (PIC) may not have robust decision-making processes. The PIC is often singled out for poor decisions, but seldom given credit for its good decisions. I recall that when the PIC was corporatised it had R380bn under management and actively led shareholder activism with regard to transformation.

The PIC, together with the government, questioned the need for South African companies to be listed in London, especially when they were using dividends from profitable South African businesses to fund poor international acquisitions and expensive head offices. It is great to see some of these companies finally coming home, and let us give credit to the likes of the PIC. Part of the PIC portfolio is also invested with fund managers who erode performance — maybe Theobald should write on their so-called “robust decisionmaking processes”.

While most managers will at some point erode performance, the PIC has to be complimented for creating a new breed of young black fund managers who have been able to create jobs. My hope and wish is that under Mnyanda’s leadership Business Day journalists will report factually and provide balanced views substantiated by facts.

All the very best to Mnyanda — I am sure his grandfather would be very proud of him.

Rojie Kisten Nelson Mandela Bay