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How to NOT Fix the PIC

Statement by Andrew Bateman MP – DA Deputy Spokesperson on Appropriations:

The Finance Minister’s decision to seek the removal of the remaining non-executive directors is a recognition that governance at the PIC has suffered a complete breakdown.

The suspensions of the Public Investment Corporation’s CEO and CIO, the whistleblower allegations, the FSCA investigation, the resignations of directors and now the proposed removal of the remaining board members all point to an institution in crisis.

Replacing directors may resolve the immediate crisis, but unless we fix the governance framework that allowed this crisis to develop, the cycle is likely to repeat.

This week the DA announced our ‘Pension Protection Bill’ – submitted to Parliament’s legal services already – which will fix the governance issues that currently plague the PIC.

The DA’s Pension Protection Bill would implement long-overdue reforms by ensuring that the PIC Board Chairperson is independent rather than a serving politician, that appointments are made on merit, and that political interference is reduced.

We owe it to South Africa’s teachers, nurses, police officers and other public servants to ensure that their retirement savings are protected by robust governance.

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