DA challenges ANC to support our PIC Amendment Bill that will root out corruption and protect pensions
5 February 2019
The latest revelations of corruption and maladministration at the Public Investment Corporation (PIC), followed by a mass resignation of Board members is a clear indication that there are severe governance challenges at the PIC. It has been reported that Finance Minister Tito Mboweni is in the process of appointing new members for the PIC Board, however, under the current governance challenges this will not be sufficient.
The latest revelations of corruption and maladministration at the PIC, implicates a number of high-ranking ANC officials, including the Deputy Minister of Finance and Chairperson of the PIC, Mondli Gungubele, and the Minister of Cooperative Governance and Traditional Affairs, Zweli Mkhize. It also implicates politically connected elites such as Sibusisiwe Zulu, a board member of the PIC, who is related to Mkhize. This is an indication that there is a lack in transparency and accountability at the PIC.
Good governance can be restored by an overhaul of the PIC Act, which will improve transparency and accountability. The Democratic Alliance’s (DA) PIC Amendment Bill will be a major step towards an overhaul of the PIC act and will be deliberated on Wednesday, 6 February 2019 in Parliament. The DA urges the ANC members on the finance committee to adopt the DA’s member bill in order to ensure that the newly appointed board will be better placed to deal with the PIC challenges.
The DA bill will allow greater representation of the labour sector on the PIC Board , and the appointment of key positions such as the Chairperson of the PIC Board would be a more inclusive process.