The Public Servants Association of South Africa (PSA) has called for union representation on the Public Investment Corporation (PIC) board.
In a statement on Wednesday, 18 March 2020, the Public Servants Association of South Africa called for union representation on the PIC board and welcomed the proposal for the Deputy Minister of Finance not to chair the board. “The Public Servants Association of South Africa has continuously campaigned for the inclusion of trade union directors on the PIC Board and for the PIC, as Africa’s largest asset manager, to be de-politized and be independent to implement the mandate agreed with pensioners and public servants,” read the statement. The association also welcomed the proposal for Treasury to have no say on who should sit on the board.
On 15 June 2019, the PSA made a submission to the Parliamentary Standing Committee to break the tradition of having the Deputy Minister of Finance as the automatic Board Chairperson, and proposed that the members of the board be the ones to elect a chairperson. The association also insisted that the minister only appoint members of the board through consultations with the cabinet, after considering nominations submitted by depositors. The PSA emphasised the crucial independence of the PIC so it could deliver its mandate effectively.
“The PSA, therefore, cannot agree with the stance that trade unions that represent the largest depositors of funds managed by the PIC do not have to sit on the board and that the election process should not be done through a public process,” the statement concluded.