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Fedusa welcomes appointment of Ivan Fredericks to PIC board

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Fedusa welcomes appointment of Ivan Fredericks to PIC board

12th July 2019

By: African News Agency

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The Federation of Unions of South Africa (Fedusa) on Friday welcomed the appointment of Ivan Fredericks to the Interim Board of Directors of the Public Investment Corporation (PIC).

Fedusa spokesperson Frank Nxumalo described Fredericks, a former Fedusa vice president for public service as well as general manager, as part of a cohort of prominent worker leaders.

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Minister of Finance Tito Mboweni on Wednesday announced the appointment of an interim board of directors for the PIC effective from 12 July 2019 to 31 July 2020. The new members of the interim board are Sindi Mabaso-KoyanaIrene CharnleyTshepiso MoahloliMaria RamosBarbara Watson, Fredericks, Zola SaphethaBhekithemba Gamedze, Angelo David Sabelo de BruinBonke DumisaMakhubalo Ndaba and Reuel Khoza.

"The appointment is welcomed both as a progressive implementation of the letter and spirit of the PIC Act, in terms of the requirement of organized labour’s representation on its Board and other statutory and non – statutory Boards overall, as advocated by Fedusa as part of its Congress Resolutions, and as a vindication of a protracted struggle by trade unions such as the PSA to stop the state from grabbing their members’ pensions to endlessly and recklessly bailout financially ailing State Owned Companies such as South African Airways and Eskom among others," said Nxumalo.

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The PIC manages billions of rands of public servants' pension money on behalf of the Government Employees Pension Fund (GEPF) and the Unemployment Insurance Fund (UIF), which is the corporation's biggest clients.

Fedusa added that worker leaders such as Fredericks would ensure that organized labour as a whole had a strong voice in overseeing that workers’ hard earned monies were not only invested prudently but also done so in strict compliance with the PIC Act in order to guard against both unconstitutional disbursement and reckless lending. 

"Fedusa hopes that a strong organized labour presence is retained when the Minister of Finance finally appoints a permanent PIC Board after July next year."

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