The leading South African investor

Introduction

Public Investment Corporation Limited (PIC) manages assets valued at R739,7 billion as at 31 March 2009, making us one of the largest investment managers on the African continent. Our clients are public sector entities, most of which are pension, provident, social security, development and guardian funds. PIC�s role is to invest funds on behalf of these clients, based on investment mandates set by each client and approved by the Financial Services Board (FSB), with which we are registered as a financial services provider.

PIC is wholly owned by the South African government, with the Minister of Finance as shareholder representative. PIC was established as a corporation on 1 April 2005 in accordance with the Public Investment Corporation Act, 2004. Corporatisation has enabled us to structure our investment activities and operations in a manner comparable to that of private sector investment managers. Apart from pursuing FSB-compliant mandates, we benchmark our investment performance against market-driven indices, enabling our clients and shareholder to compare PIC�s returns to those achieved in the marketplace.

Divisional focus

PIC�s organisational structure consists of two main components:

The asset management business, which is led by the Chief Investment Officer. This component consists of the four investment divisions, namely Fixed Income and Dealing, Equities, Properties and the Isibaya Fund.
Operations, which supports the investment divisions and is led by the Chief Operating Officer.

Our Corporate Governance Policy

In our own operations, PIC adheres to the code of corporate practices and conduct within �King Code II�, the King Report on Corporate Governance for South Africa 2002. At the same time, we also advocate responsible governance and sound management in the entities in which we invest.