Public Investment Corporation Second Amendment Bill - Draft

Call for comments opened 15 June 2018 Share this page:

Submissions are now closed (since 15 July 2018)

Finance Standing Committee

The Standing Committee on Finance invites you to submit written submissions on the Public Investment Corporation Second Amendment Bill.

The Bills aim to:
• amend the Public Investment Corporation Act, 2004, so as to insert certain definitions;
• require the corporation to consider certain matters when exercising its powers;
• determine the composition of the corporation’s board of directors and to provide for the progressive implementation of the new composition;
• provide for the Minister or Deputy Minister to be the chairperson of the board;
• provide for the Minister to appoint the members of the board in consultation with Cabinet;
• provide for specific representation on the board, including trade union representation;
• require directives regarding the management of the corporation to be tabled in the National Assembly and published;
• require the corporation to publish and submit a report on all investments to the Minister for tabling;
• provide for annual reporting on requests for approval made in terms of legislation;
• provide for a procedure that the Minister must follow before making regulations;
• provide that the Minister must table regulations in the National Assembly;
• and provide for matters connected therewith.

Comments can be emailed to Mr Allen Wicomb at awicomb@parliament.gov.za and Ms Teboho Sepanya at tsepanya@parliament.gov.za by no later than Sunday, 15 July 2018 

Enquiries can be directed to Mr Allen Wicomb on tel (021) 403 3759 or Ms Teboho Sepanya on tel (021) 403 3738

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Legalbrief of 19 June 2018 writes:

draft Public Investment Corporation Second Amendment Bill prepared by the National Assembly’s Standing Committee on Finance was gazetted on Friday for comment within four weeks. In the light of a National Treasury document considered by committee members during April, the objectives of their Bill are now far closer to those of a Public Investment Corporation Amendment Bill tabled in the House on 17 January by the DA’s David Maynier. The only obvious area of disagreement is that the committee would like to see the Minister of Finance chair the corporation’s board – as opposed to Maynier’s proposal that the Minister appoint a chair ‘on recommendation of the National Assembly and … other members of the board, in consultation with Cabinet’. Against that backdrop, several concessions appear to have been made since 31 May, when the committee held public hearings on both pieces of proposed new legislation......There were ‘four main areas of disagreement’ between two proposed new statutes nevertheless already reflecting ‘significant overlaps’ – at least in the view of committee chair Yunus Carrim. Both sought to improve the corporation’s governance, make it more accountable to Parliament, and ensure that investment decisions are more transparent. While it is not clear how long the committee will continue working with two such similar Bills, stakeholder input on the role of the Minister could well influence how the process unfolds when Parliament reconvenes on 14 August.