{"id":180834,"date":"2021-02-17T14:17:32","date_gmt":"2021-02-17T12:17:32","guid":{"rendered":"https:\/\/www.myza.co.za\/amended-pic-act-signed-into-law\/"},"modified":"2021-02-17T14:17:32","modified_gmt":"2021-02-17T12:17:32","slug":"amended-pic-act-signed-into-law","status":"publish","type":"post","link":"https:\/\/www.myza.co.za\/press\/amended-pic-act-signed-into-law\/","title":{"rendered":"Amended PIC Act signed into law"},"content":{"rendered":"<p>The Public Investment Corporation Amendment Act has been promulgated and published in the Government Gazette.<\/p>\n<p>This, after it was signed into law by President Cyril Ramaphosa.<\/p>\n<p>\u201c[It] provides that the Minister of Finance, as representative of the shareholder, \u2018may designate the Deputy Minister of Finance or any Deputy Minister in the economic cluster\u2019 to be appointed as Chairperson of the Board,\u201d said the PIC in a statement on Wednesday.<\/p>\n<p>The PIC new Act prescribes how the PIC Board shall be constituted. This will be done in consultation with Cabinet.<\/p>\n<p>Other important provisions in the Act to promote transparency in the PIC\u2019s investment processes and decisions, include:<\/p>\n<ul>\n<li>The requirement to publish the details of new investments, on behalf of its clients, on the PIC website;<\/li>\n<li>The requirement to report annually, the total number and details of \u201csignificant transactions\u201d to the Minister of Finance, which require approval in terms of the Public Finance Management Act, 1999;<\/li>\n<li>The requirement to \u201cpublish and submit a report on all investments to the Minister of Finance for tabling\u201d in Parliament; and<\/li>\n<li>The requirement for the PIC to \u201cconsider certain guidelines when investing deposits\u201d on behalf of its clients.<\/li>\n<\/ul>\n<p>PIC chief executive Abel Sithole welcomed the Amendment Act, saying it was a significant step towards greater transparency and accountability regarding the PIC\u2019s investment processes.<\/p>\n<p>\u201cUltimately, the PIC is accountable to its clients and their beneficiaries and to government as shareholder and guarantor of its clients. The new legislation provides for greater oversight by all stakeholders,\u201d Sithole said.<\/p>\n<p>The Amended Act empowers the Minister of Finance, as the shareholder representative, to implement the amendments progressively, therefore barring specific directives from the Minister in the near future, the current governance structures and processes continue. \u2013&nbsp;<strong>SAnews.gov.za<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The Public Investment Corporation Amendment Act has been promulgated and published in the Government Gazette. This, after it was signed into law by President Cyril Ramaphosa. \u201c[It] provides that the Minister of Finance, as representative of the shareholder, \u2018may designate the Deputy Minister of Finance or any Deputy Minister in the economic cluster\u2019 to be [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_genesis_hide_title":false,"_genesis_hide_breadcrumbs":false,"_genesis_hide_singular_image":false,"_genesis_hide_footer_widgets":false,"_genesis_custom_body_class":"","_genesis_custom_post_class":"","_genesis_layout":"","ngg_post_thumbnail":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":true,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[1],"tags":[38678],"class_list":{"0":"post-180834","1":"post","2":"type-post","3":"status-publish","4":"format-standard","6":"category-south-africa","7":"tag-sanews","8":"entry"},"jetpack_publicize_connections":[],"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/180834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/comments?post=180834"}],"version-history":[{"count":0,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/posts\/180834\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/media?parent=180834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/categories?post=180834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.myza.co.za\/press\/wp-json\/wp\/v2\/tags?post=180834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}