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Corruption Watch: Let Us Attend The Public Investment Corporation's AGM

The organisation is seeking permission from Treasury duo Gigaba and Buthelezi to attend the PIC's AGM in the interest of transparency.

19/10/2017 15:57 SAST | Updated 20/10/2017 06:03 SAST
James Oatway / Reuters

Corruption Watch is seeking permission from Finance Minister Malusi Gigaba and his deputy Sfiso Buthelezi to attend the upcoming annual general meeting of the Public Investment Corporation (PIC) in the interest of transparency.

This follows "concern about recent reports [of] instability and in-fighting in key governance structures", it said in a statement on Thursday.

The organisation also said "rumours of corruption and compromised relationships between the shareholder, board and management of this key institution" warranted the attendance of the watchdog at the AGM on 17 November.

"The PIC is entrusted with the management of a considerable portfolio of state pensions, and has a responsibility to ensure that sound investment decisions are made that will protect and preserve pensions, and positively impact the country as a whole," it said.

Corruption Watch is concerned to ensure that, in the public interest, these concerns are fully ventilated and considered at the AGM. Corruption Watch

The organisation says it wishes to engage with the board in an "open and transparent manner... in the interest of promoting transparency and accountability".

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Gigaba's spokesperson Mayihlome Tshwete previously said the minister wanted to assure pension holders that their pensions are safe and that those with political or economic power will not be allowed to tamper with the PIC.

This followed earlier reports that Treasury wanted to use R100-billion of PIC funds to bailout ailing SOEs, which Gigaba denied.

Response from Gigaba and Buthelezi as to whether Corruption Watch will be allowed to attend has been requested by Corruption Watch before 24 October.

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