Drawn up by Parliament’s Standing Committee on Finance, the Bill will now go to the National Council of Provinces for its approval.But the Democratic Alliance and some other opposition parties did not, with the DA claiming it was a bid to realise, through the back door, the ANC’s elections manifesto promise to introduce prescribed assets.Public Investment Corporation Amendment Bill
is a response to the allegations of dubious investments that have rocked the PIC and that are now the focus of a judicial inquiry headed by retired Judge Lex Mpati. It provides for union and pension fund representation on the PIC board, which will still be chaired by the deputy minister of finance or another deputy minister from the economics cluster.But the DA and other opposition parties don’t want a politician chairing the board, while the requirement that the PIC invests in line with the government’s development agenda was flagged during debate on the Bill by the DA’s Alf Lees.
“The Democratic Alliance will not support the Bill with the inclusion, by stealth, of prescribed assets and the entrenchment of political control of the PIC board.”
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