12 March 2019

South Africa: Cosatu PIC Amendment Bill Presentation to Parliament Today

press release

The federation and its 16 affiliated unions fully support this bold anti-corruption bill. The federation, workers and pensioners urge the NCOP to ensure its passage by March 28.

The PIC like much of the state has been dogged by serious allegations of looting and poor governance. This is not a question of speculation but has been confirmed in the Presidential PIC Commission of Enquiry.

The current PIC Act (a mere 4 and a half pages) is shockingly inadequate and in fact, is a key contributor to the chaos in the PIC. It needs to be urgently overhauled.

The Standing Committee on Finance, and in particular the ANC MPs and Chief Whip, Cde. Jackson Mthembu, have done an excellent job in bringing to life the PIC Amendment Bill. It is progressive and long overdue. It will be a major boost in the fight against corruption. The National Assembly set new heights for public participation in the drafting of this pro-worker and pro-pensioner bill. It is now ready for processing and adoption by the NCOP.

The PIC Bill provides for decisive transparency and accountability provisions, worker representation on the PIC Board to ensure workers have a say in how their funds are invested, strong depositor mandating requirements and reasonable investment guidelines.

These political vandals are undermining not only the NCOP but the constitutional role of Parliament as a whole. The executive accounts to Parliament and not the other way round. So ministers and officials working for departments should stop undermining our National Parliament.

COSATU will fight to the very end to protect the PIC Amendment Bill and ensure its adoption by the NCOP.

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