CityPress - - Business -

Fi­nance Min­is­ter Malusi Gi­gaba said on Fri­day he had heard unions’ re­quest to have a labour rep­re­sen­ta­tive on the Pub­lic In­vest­ment Cor­po­ra­tion (PIC) board and would ar­range a meet­ing to dis­cuss the mat­ter. Gov­ern­ment em­ploy­ees ap­point half the trustees of the Gov­ern­ment Em­ploy­ees’ Pen­sion Fund (GEPF) board, but have no say about the nonex­ec­u­tive di­rec­tors of the PIC board.

The PIC man­ages R1.9 tril­lion in funds on be­half of the GEPF, the Un­em­ploy­ment In­sur­ance Fund, the labour depart­ment’s com­pen­sa­tion com­mis­sioner and other en­ti­ties.

Fe­dusa gen­eral sec­re­tary Den­nis Ge­orge said on Fri­day: “Not only do we want labour rep­re­sen­ta­tives within the PIC board, we also want them on the boards of state-owned en­ter­prises. This way we can pre­vent loot­ing.”

Cosatu spokesper­son Sizwe Pamla said pub­lic ser­vants’ money was be­ing used to make pow­er­ful peo­ple rich, while work­ers re­mained poor.

Gi­gaba wants PIC CEO Daniel Matjila and the PIC board to con­duct a probe into “any con­cerns about ir­reg­u­lar­i­ties at the as­set man­ager”.

“The min­is­ter has writ­ten a let­ter to the CEO and board of the PIC, re­quest­ing them to pro­vide a list of all its ben­e­fi­cia­ries and the in­vest­ments it made, which he in­tends to make pub­lic,” Trea­sury said on Fri­day. Gi­gaba said he ex­pected a re­sponse to his re­quest within two weeks.

– Vukile Dlwati

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