President Ramaphosa has signed the Public Investment Corporation Amendment Act into law.
The bill, a standing committee on finance bill, was tabled in parliament on 15 February 2019.
The national assembly passed the bill and sent it to the national council of provinces for concurrence on 26 February 2019.
During deliberations on the bill, the standing committee on finance decided to reject the private member’s bill on the Public Investment Corporation drawn up by the Democratic Alliance’s David Maynier.
The act aims to amend the Public Investment Corporation Act of 2004, so as to:
• insert certain definitions;
• 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 to designate the Deputy Minister of Finance or any Deputy Minister in the economic cluster, in consultation with Cabinet, 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;
• require directives regarding the management of the corporation to be tabled in the National Assembly and before the depositors, as well as that it must be published;
• require the corporation to consider certain guidelines when investing deposits;
• 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.
The act, published in Government Gazette 44160, came into effect on the date of publication.