PIC_Public Investment Corporation
JOHANNESBURG - The Black Business Council is backing calls to amend the law governing appointments to the board of the Public Investment Corporation (PIC).
The council says politicians should no longer serve on the board of the state-owned asset manager, arguing that leadership should be independent and guided by professional investment expertise.
Current legislation requires the board chairperson to be a deputy minister from the government's economic cluster.
Black Business Council CEO Kganki Matabane says the organisation supports Finance Minister Enoch Godongwana's call for changes to the Act.
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He says the PIC needs an independent chairperson with a strong understanding of investments and an impeccable reputation.
"You need someone who actually understands investments. You need someone who is of good standing, someone who can say no. You want a proper independent chairperson, but even the board itself must be independent."
Matabane adds that board members must be able to act without political influence or personal interests, saying those responsible for approving funding should never be in a position where they could benefit from the institution.
He says an independent board is essential to protecting the integrity of the PIC.