Although the PIC is wholly owned by the South African Government and serves the interests of the South African people, we operate in a manner that is comparable with any internationally competitive, private sector asset manager.
Our abilities stem from the unique legislative and regulatory framework in which we operate – a framework that is designed to deliver the best possible returns for our clients, while meeting the highest standards of corporate governance and investment accountability.
Three acts of Parliament govern the operations of the PIC:
The Public Investment Corporation Act, 2004, defines PIC as a government-owned Corporation that is subject to the Companies Act. This act also describes PIC’s core business, which is to provide non-banking financial services to public bodies.
The Financial Advisory and Intermediary Services ( FAIS) Act,2002, governs the South African financial services sector. The PIC is registered as a financial services provider with the Financial Services Board, the regulator of this sector.
The Public Finance Management Act, 1999, requires that the PIC’s annual financial statements be audited by the Auditor-General. We are therefore accountable to Parliament for our financial management.
Beyond these parliamentary acts, the PIC is accountable to the millions of South Africans on whose behalf we invest.