According to testimony presented before the PIC commission, the state asset manager is struggling to retain skilled investment professionals due to non-competitive salaries and management meddling in investments.
The Public Investment Corporation — which manages over R2-trillion in government pensions — is struggling to retain skilled investment professionals due to non-competitive salaries and management meddling in investments.
Coming from the private sector Molebatsi said he, along with other officials, wanted to make the PIC competitive with private asset management firms. Instead, they had to contend with not being “incentivised as they should be and are subjected to things that their peer groups in the private sector are not subjected to”.
The PIC commission, headed by retired Judge Lex Mpati, is investigating issues of impropriety at the state asset manager. “This would in effect mean that the exit of the PIC [from Independent Media] would be funded by the PIC,” Molebatsi explained.
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