The Public Servants Association has said it was extremely concerned about the Public Investment Corporation’s stability amid recent media reports on the exodus of its board members. Picture: Karen Sandison/African News Agency(ANA)
The Public Servants Association has said it was extremely concerned about the Public Investment Corporation’s stability amid recent media reports on the exodus of its board members. Picture: Karen Sandison/African News Agency(ANA)

Union questions PIC stability after the exodus of several board members

By Staff Reporter Time of article published Feb 9, 2021

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JOHANNESBURG - THE PUBLIC Servants Association (PSA) has said it was extremely concerned about the Public Investment Corporation’s (PIC) stability amid recent media reports on the exodus of its board members.

PIC board members who departed were Irene Charnley, Sindi Mabaso-Koyana, Maria Ramos and Bhekithemba Gamedze. The board remains under the chairpersonship of Dr Reuel Khoza.

PSA represents some 240 000 public-sector employees who belong to the Government Employees Pension Fund (GEPF), which invests its money via the PIC.

“The PSA, as the second-largest union representing members in the Public Service, has long been concerned about governance issues at the PIC. The PSA, on behalf of its members, has a significant and direct interest in how GEPF assets are invested and thus in the governance structures, management, and performance of the PIC,” it said.

The union said without a proper representative on the PIC board, poor investment decisions might re-occur.

“The PSA further believes that any further delays to appoint a permanent board will cause instability. It therefore requested the Minister of Finance to without delay consult with major depositors to appoint new, suitable PIC board members,” it said.

BUSINESS REPORT ONLINE

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