#PICReport: DA calls on President Ramaphosa to send PIC Amendment Bill back to Parliament
13 March 2020
The Democratic Alliance (DA) is calling on President Cyril Ramaphosa to send the flawed Public Investment Corporation (PIC) Amendment Bill back to Parliament. In its current form, the Bill will not address the governance crisis at the state asset manager as explained in the damning Mpati Report which was released on Thursday.
As part of its findings, the Mpati Commission concluded that the failure to conduct due diligence before investment decisions was partly a result of the Board and the Executive’s poor decision-making processes and disregard for PIC policy and standard operating procedures.
It is therefore clear that the appointment of Board members and the executive needs to transparent and subject to due diligence by Parliament. The Commision report specifically states that “the Deputy Minister of Finance should not be the PIC Chairperson.”
However, the PIC Amendment Bill before the President gives the Finance Minister extensive powers to: