South Africa. Government ministers lobby to stop PIC amendment bill
The bill is intended to strengthen and bring positive changes to the weakened Public Investment Corporation.
There are behind-the-scenes efforts by some government ministers to put a spanner in the works and oppose the passing of the proposed Public Investment Corporation (PIC) Amendment Bill, according to an EWN report.
The amendment bill is intended to strengthen and bring positive changes to the weakened PIC, which is responsible for managing assets on behalf of, among other institutions, the Government Employees Pension Fund (GEPF), for which the corporation handles over R2 trillion in assets.
It has now been reported that ANC MPs in the National Council of Provinces (NCOP) are allegedly being lobbied to vote against the bill.
Among the amendments in the bill is a clause that will detail listed and unlisted investments tabled before parliament. The proposed bill will also have a clause that will detail all ministerial directives at the PIC.
It also makes provision for the inclusion of at least three members of the PIC board to be from organised labour, which is alleged to be the reason why the bill is receiving some resistance.
Read more @Citizen
