The Democratic Alliance (DA) welcomes the decision taken by President Cyril Ramaphosa to establish a Commission of Inquiry into ongoing corporate governance challenges and waning public trust in the Public Investment Corporation (PIC).
However, there is a risk that one of the Inquiry’s terms of reference, which advocates for “possible changes to the PICs founding legislation”, may result in important legislation, aimed at strengthening governance and boosting transparency at the PIC, being delayed in Parliament.
I will request the Chair of the Standing Committee on Finance, Yunus Carrim, that work on the Public Investment Corporation Amendment Bill [B1-2018] (Private Members Bill), or the Public Investment Corporation Amendment Bill (Committee Bill), should proceed and get passed before parliament rises.
The Commission of Inquiry must complement the work of Parliament in strengthening the PIC rather than weaken it.