PUBLIC Investment Corporation (PIC) CEO Dan Matjila yesterday strongly said that although the entity was 100% owned by the government, it could not be “captured” or looted as it operated within a strict mandate.
He said he believed the corporation should play a bigger role in ensuring good governance at state-owned companies. Speaking at a joint media briefing with officials from the Government Employee Pension Fund (GEPF) in Johannesburg yesterday, Matjila said the mandate of the PIC was clear and was derived from its clients’ mandates – not the National Treasury.
“There is very little influence, or none at all, from the National Treasury in terms of directing the PIC where it must invest. “For the past 10 years the pension funds asset that we manage has grown quite significantly and the portfolio is in good shape and in line with its mandates,” he said.
Matjila said the past two years of low growth resulted in lower returns. He said it would be difficult to capture the PIC as it had mandates from its clients, which included the GEPF, that prescribed how their funds were managed.
Responding to alleged moves to unseat him at the PIC, he said the board “had to do what they had to do” and had to run a transparent process. “The board found that allegations made against me were baseless and they even issued a statement saying that they had full confidence in me. That matter is closed and we have a job to do. From where I sit, all I can say is that the clients’ money is safe,” he said.
Matjila said the PIC needed to also play a bigger role in helping the economy to grow by investing in key sectors.