GIGABA TO MEET LABOUR TO DISCUSS PIC BOARD
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