Parliament- The Standing Committee on Public Accounts (Scopa) has advised the Public Investment Corporation (PIC) to be transparent, accessible and have an open relationship with the society.
The committee raised this issue as a result of the lack of information from the PIC on issues that were in the public domain such as Steinhoff and VBS Mutual Bank problems where a lot of money was lost.
The committee told PIC that the entity just reacts to negative publicity and fails to communicate its positive work. The entity admitted to the committee that it does not have a strong communications unit and has undertaken to present a capacitation plan for its communications unit in the next hearing with the committee.
The committee believes that it would be a mistake to stop the government’s responsibility of chairing the PIC Board, and when the PIC messes up government’s assistance is sought. Scopa told the PIC to look into the issues of governance and defend people who are victimized for refusing to commit wrong things.
The committee told the PIC leadership to safe guard the entity from falling into the hands of people who become more powerful than the entity itself and who want to control things in a way that is detrimental to PIC.
Source: Parliament of the Republic of South Africa