The Congress of South African Trade Unions (COSATU) welcomes President Cyril Ramaphosa’s signing of the Public Investment Corporation (PIC) Amendment Act and its immediate enactment into law. This is long overdue. The PIC Amendment Act was drafted by Parliament’s Finance Committees in close collaboration with COSATU.

This was necessitated by the revelation of rampant looting and the mismanagement of PIC funds by many in the PIC and those companies who have benefited from its investments and loans. The Amendment Act was critical as the existing law gave the Minister power in appointing the PIC Board as well as to issue any instruction to it. The PIC Commission of Enquiry exposed the massive absence of checks and balances on the then PIC Chief Executive Officer.

The PIC Amendment Act will be a critical tool in the fight against corruption, state, and corporate capture. Key progressive provisions of the PIC Amendment Act include:

· Appointing 3 representatives selected by organised labour in the Public Service Collective Bargaining Council.

o This will help ensure workers have oversight and a say in how their hard-earned funds are invested.

o This is the first time that workers are represented on the PIC Board in its history.

o All Board members must have the relevant skills and expertise to contribute towards the PIC’s investment mandate.

· It compels the PIC to receive a mandate from its depositors on how their funds are invested.

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