PIC Bill: Extensive public consultation commended – COSATU

Federation says more than five public hearings on proposed amendments were held over two years

COSATU commends the Parliament for its Extensive Public Hearings and Public Participation on the PIC Amendment Bill 

14 March 2019

COSATU commends the National Assembly and the National Council of Provinces for the extensive public hearings they have held on the PIC Amendment Bill.  The National Parliament has held more than five (5) rounds of public hearings on the PIC Bill over two (2) years.

The PIC is the investment vehicle for R2 trillion of public servants’ pensions, as well as workers’ unemployment and injury on duty insurance funds.  It is the largest investment manager in Africa and holds 12.5% of JSE’s shares.  It is too large to fail and it should not be allowed to go the route of Eskom.

The federation and its affiliates applaud both the NA and the NCOP’s Finance Committees for having set the bar for inclusive and extensive public participation in the drafting and formulation of the PIC Bill. 

Workers appreciate the inclusion of the majority of their demands ranging from:

- Worker representation on the PIC Board;

- Requiring the PIC to report on all listed and unlisted investments to Parliament and the public;

- Requiring the PIC to receive its investment mandates from its depositors (GEPF, UIF and COIDA); and

- To pursue investments which protect and grow workers’ pension and insurance funds, and seek to promote economic growth, job creation, sustainable development etc.

COSATU urges the NCOP to work with diligence and speed and to ensure that the PIC Amendment Bill is passed before the NCOP rises on March 28.  Equally important is for the NCOP not to compromise on the progressive, anti-corruption content of the PIC Bill.

The federation and its sixteen (16) affiliated unions are pleased that the ANC’s MPs and the leadership in Parliament and its Finance Committees, as well as Luthuli House, have worked tirelessly to develop and support the PIC Bill. Workers equally expect our comrades to finish the race and pass the Bill before March 28. 

The federation will remain vigilant against those who are trying to defeat this long overdue weapon in the fight against looting.  We will not allow those who prefer to see the PIC remaining hobbled by poor governance to prevail.  COSATU will continue to expose and deal with any nefarious attempts to block the PIC Bill from being passed by March 28, 2019.

Issued by Matthews Parks, Parliamentary Coordinator, COSATU, 14 March 2019