Submission on the Public Investment Corporation Amendment Bill
19 March 2019
In relation to a topic which has gained much publicity in recent weeks – as a result of a letter the Minister of Finance wrote to the Standing Committe on Finance (SCoF) questioning the wisdom of legislating that a political office-bearer be made the Chairperson of the Public Investment Corporation (PIC) Board – the Helen Suzman Foundation has responded to the SCoF’s call for public comment on the PIC Bill.
The HSF has been researching and publishing briefs on the PIC for the past year and a half; during which time we have called for regular full disclosures of all the PIC’s investment holdings. The PIC Bill contains such an amendment, but falls short in other areas. The HSF’s key concerns with the Bill can be summarised as:
1. There is no legal or economic principle that supports the provision that the chairperson of the PIC Board should be a political office bearer.
2. It is appropriate for the PIC’s depositors to make nominations to the Minister regarding the appointment of board members given the mandate of the PIC.