ANC MPs lobby to stop PIC amendment bill – report

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 Amendment Bill, according to anThe 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 , for which the corporation handles over R2 trillion in assets.

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. “Our assessment is that this may not be the end,” stated a letter signed by several members, including chairperson and Deputy Finance Minister Mondli Gungubele.

“These events have been unbearable to us as individuals and have undoubtedly had a negative impact on our professional integrity,” the joint statement read.

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