Parliament has been given the go-ahead to amend the law governing the Public Investment Corporation, Africa’s largest asset manager. The proposed changes will compel it to disclose it’s unlisted as well as its listed investments. They will also give unions up to three seats on the board. The PIC has come under scrutiny recently over controversial investment decisions including Steinhoff, VBS Mutual Bank and Erin Energy. CNBC Africa caught up Abel Sithole, Principal Executive Officer of the Government Employees Pension Fund, whose R2 trillion worth of assets are managed by the PIC.
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