Barbara Curson
5 minute read
2 Dec 2020
10:00 am

PIC hit by Covid-19 and state capture

Barbara Curson

PIC CEO Abel Sithole is of the view that: 'Although the PIC has been found wanting in several areas of corporate governance and ethics, it continued to deliver on key aspects of its core client mandates.'

President Cyril Ramaphosa said he would release the commission's report soon. Image: Moneyweb

The Public Investment Corporation (PIC) is a registered financial services provider and manages assets on behalf of various public sector entities. Every client has its own portfolio, and investments include listed and unlisted equities, capital markets, money markets, property and unlisted investments. The Government Employees Pension Fund (GEPF) is the PIC’s largest client, comprising 85.92% of assets under management. The annual report demonstrates the impact of the Covid-19 pandemic, which sparked a global recession. This had a dampening impact on investments. However, the pandemic should not be used to explain away the devastating impact of state capture, and the resulting direct...