Public hearings at the PIC Inquiry resumed on Tuesday after a three-week adjournment. Labour federation Cosatu kicked things off, arguing that having workers represented on the board is more important than the debate over whether the deputy finance minister should automatically be appointed as chairperson of the board.
Labour federation Cosatu was reluctant on Tuesday to take a side in the debate over whether the tradition of appointing the deputy finance minister as chairperson of the Public Investment Corporation (PIC) board should continue.
Cosatu parliamentary co-ordinator Matthew Parks told the PIC Inquiry that many state-owned entities (SOEs) had failed under independent chairpersons. The inquiry, chaired by retired Justice Lex Mpati, resumed public hearings in Tshwane on Tuesday after a three-week break.
Parks said Cosatu does not believe that appointing an independent chairperson will be a panacea to the PIC's challenges as many SOEs with non-political appointees were mismanaged during former president Jacob Zuma's leadership.
"We've seen it many times in our SOEs. We've got private sector people on board and they've been the worst thing ever," he added.
Parks noted that some SOE leaders appointed from the private sector had been successful but Cosatu is more concerned about ensuring labour...