Public Investment Corporation
| Quasi-Public Investment Corporation | |
| Industry | Finance |
| Founded | 1911 |
| Headquarters | Pretoria, South Africa |
|
Area served
|
South Africa |
|
Key people
|
Daniel Matjila (CEO) |
| Products | Financial Services |
| Revenue |
 ZAR: 1010.733 Million (2016) |
| Total assets |
ZAR: 1857 Billion (2016) |
|
Number of employees
|
296 (2016) |
| Website | [1] |
Daniel Matjila (CEO)
Matshepo More (CFO)
Paul Magula (CRF)
The Public Investment Corporation (PIC) is a South African quasi-public investment entity with over R1.857 trillion (USD 137 Billion) of assets under management. Established in 1911, it holds large stakes in several South African companies, and is one of the entities through which the government implements its policy of Broad-Based Black Economic Empowerment. The PIC is also responsible for investing the South African Government Employees Pension Fund (GEPF).
The organisation has its origin in 1911 with passing of the Public Debt Commissioners Act of 1911, a year after the formation of the Union of South Africa. Known then as the Public Debt Commissioners, it would manage the government's debt, investing the government and South African Railways and Harbours trust funds and by 1924 had taken on the provincial administrators funds as well. By the mid-1920s it would manage the granting of loans to local governments in the country. The pension funds managed would allow the government to borrow against those funds. In 1984, a new act, the Public Investment Commissioners Act No.45 of 1984, which moved its focus from debt to investment management, investing funds on behalf of government organisations, the appointment of commissioners and with the finance minister as its chairman.
With the first free election in South Africa in 1994, the Public Investment Commissioners announced the formation of the Isibaya Fund in 1995. This saw a portion of the money managed diverted to the new fund to invest in Socially Responsible Investments to target economic growth transformations in population groups disadvantaged during apartheid. The next change came in 2004 with a new act passed called the Public Investment Corporation Act of 2004, where the Public Investment Commission became legalised corporate asset managers. Now a client’s specific investment objectives would be expresses in a detailed client investment mandate which are individually negotiated with a client concerned and approved by the Financial Services Board.
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Wikipedia