Commission of inquiry into the PIC

The alleged improprieties at state-owned fund manager, the Public Investment Corporation, are being investigated.

The announcement yesterday that a commission of inquiry will be looking into the Public Investment Corporation (PIC) comes three weeks after Nhlanhla Nene, Minister of Finance, informed the PIC's board of an independent inquiry into the PIC’s “governance issues”. The PIC has come under scrutiny recently over some controversial investment decisions.

National Treasury said in a statement:

“The commission’s terms of reference will include a review of the PIC’s governance and operating model, possible changes to the PIC’s founding legislation and its Memorandum of Incorporation and investment decision-making framework. The names of the chair of the commission and the supporting team, as well as the detailed terms of reference of the commission, will be announced in due course.”

The PIC, which oversees roughly R2 trillion worth of assets, invests on behalf of the Government Employee Pension Fund, as well as four smaller state-run funds, including the Unemployment Insurance Fund (UIF).