Thando Maeko
2 minute read
19 Feb 2021
7:45 am

PIC Amendment Act signed into law

Thando Maeko

The Act aims to strengthen accountability and transparency at the fund manager.

Finding a suitable candidate to head Africa's biggest asset manager will not be easy. Picture: Moneyweb

The Public Investment Corporation (PIC) is now required to receive a mandate from its depositors regarding how its funds are managed. According to the PIC Amendment Act, which was signed into law by President Cyril Ramaphosa on Monday, the fund manager is also required to publish and submit a report on all investments to the minister of finance for tabling. The act also stipulates that the finance minister must table a report annually to parliament on all investments of deposits and request approval of any significant transactions in line with the Public Finance Management Act (PFMA). The Act aims to...