The Public Servants Association (PSA) says it is hopeful some stability will return to Public Investment Corporation (PIC) following the boards’ resignations.
Last week, the corporation, which handles more than R3-trillion in government employees’ pension funds, saw the resignation of eight board members led by Deputy Minister David Masondo.
The PSA’s Assistant General Manager Claude Naiker says with a new board in place, recommendations are in place on how to manage the fund.
“We called upon the Minister firstly act very swiftly when several of the non-executive directors have resigned last week, so he’s installed a new board in place. That brings us some assurance that hopefully there will be some stability at the investor.”
“A couple of years ago, there was a commission of inquiry that was set up, and it made several recommendations. And we’ve been given assurances that most of the recommendations have been implemented. The other ones are in the pipeline. I think if this is done, we need to give them space. They need to govern ruthlessly they need to stick to the mandate,” adds Naiker.
