President Cyril Ramaphosa’s decision to establish a commission of inquiry will create a better model for the PIC. Photo: GCIS
President Cyril Ramaphosa’s decision to establish a commission of inquiry will create a better model for the PIC. Photo: GCIS

President Ramaphosa’s inquiry into PIC welcomed

By Staff Reporter Time of article published Aug 17, 2018

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JOHANNESBURG - Dr Daniel Matjila, chief executive of the Public Investment Corporation (PIC), welcomes President Cyril Ramaphosa’s decision to establish a commission of inquiry into the alleged improprieties at the PIC, which is Africa’s largest asset manager. 

In a statement yesterday, the Treasury said: “The commission’s terms of reference will include a review of the PIC’s governance and operating model, possible changes to the PIC’s founding legislation and its memorandum of incorporation and investment decision-making framework. 

“The names of the chairperson of the commission and the supporting team, as well as the detailed terms of reference of the commission, will be announced in due course,” the Treasury said.

Business Report spoke to Matjila last night. “I welcome the inquiry since it will create a better model for the PIC’s operating model, the regulatory environment and governance will be improved, to make the PIC an even better-managed state-owned entity”, he said. 

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– BUSINESS REPORT

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