17 January 2018

South Africa: DA Submits Private Members Bill to Strengthen Good Governance and Transparency At the Pic

press release

A copy of the Public Investment Corporation Amendment Bill, together with the memorandum on the objectives of the Public Investment Corporation Amendment Bill, are enclosed [here].

We have submitted a copy of a Private Members Bill, entitled the Public Investment Corporation Amendment Bill [B-2018], to the Speaker of the National Assembly, Baleka Mbete, for tabling in Parliament.

The Public Investment Corporation Amendment Bill was submitted in terms of Section 73(2) of the Constitution, read together with National Assembly Rule 276(2), following publication in the Government Gazette (No. 41215) on 31 October 2017.

The Public Investment Corporation Amendment Bill aims to promote good governance and transparency at the Public Investment Corporation, which manages funds on behalf of several clients, including the Government Employees Pension Fund.

To strengthen good governance and transparency at the Public Investment Corporation, the Public Investment Corporation Amendment Bill proposes six amendments to the Public Investment Corporation Act (No. 23 of 2004), to ensure, most importantly, that

- the Chairperson of the Public Investment Corporation will be appointed by the Minister on the recommendation of the National Assembly and must have the necessary expertise, qualifications and good character as required by the Financial Advisory and Intermediary Services Act (No. 37 of 2002);

- the Board of the Public Investment Corporation will include a representative of registered trade unions whose members form the majority of the members of the Government Employees Pension Fund; and

- a report reflecting all investments, whether listed or unlisted, be tabled in an annual report and published on the website of the Public Investment Corporation.

The Public Investment Corporation Amendment Bill was published for public comment in the Government Gazette (No. 41215) on 31 October 2017, and will now be processed in terms of National Assembly Rule 276(3) in Parliament.

We look forward to deliberating on submissions from interested parties, including political parties, trade unions and other stakeholders during the legislative process, which we hope will sharpen the Public Investment Corporation Amendment Bill and strengthen good governance and transparency at the Public Investment Corporation.

David Maynier MP

DA Shadow Minister of Finance

South Africa

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