COSATU argues for worker representation on PIC board
18 June 2019
SA's largest trade union federation, COSATU, has argued for worker representation on the board of state-run asset manager the Public Investment Corporation, saying this would help keep looting in check and increase workers' trust.
Matthew Parks, the federation's Parliamentary coordinator, was on the witness stand at the judicial commission of inquiry into the PIC on Tuesday.
The commission is investigating allegations of wrongdoing at the corporation, which manages about R2.2trn in investments on behalf of public servants. Hearings resumed in Pretoria on Tuesday after a three week break.
Parks told the commission that the trust of workers had been abused for far too long. "[Workers] really want to have representation on the PIC board," he said. The asset manager had failed to keep workers updated on the scope and reasoning behind its investments, he said.