Cosatu, Fedusa give thumbs up to new PIC board

Finance Minister Tito Mboweni
Finance Minister Tito Mboweni

Cosatu and Fedusa, two of the country’s biggest labour federations, have given the thumbs up to the interim Public Investment Corporation (PIC) board announced this week.

The federations represent millions of workers and have for many years fought for the inclusion of labour representatives on the PIC board.


This week the two federations commended Finance Minister Tito Mboweni’s decision to include three labour representatives on the interim board of the state-owned enterprise, which manages more than R2 trillion on behalf of various state clients, including the Government Employee Pension Fund and the Unemployment Insurance Fund.

Zola Saphetha of Nehawu and Mugwena Maluleke of SA Democratic Teachers’ Union (Sadtu), together with Fedusa’s vice president Ivan Fredericks and Makhubalo Ndaba, the company secretary of the Police and Prisons Civil Rights Union group of companies, were all included on the board.

Cosatu’s parliamentary coordinator, Matthew Parks, said while they were happy the government had finally given in to its long-held demand, the union federation was unhappy with the delay in appointing the board, and the “recycling of some business people on the board”. He said they were unhappy Deputy Minister Finance David Masondo was not appointed board chairperson. – Lesetja Malope

According to National Treasury, the chairperson of the board would only be appointed at the board’s first sitting, the date of which has yet to be decided on.

Fedusa President Godfrey Selematsela said the federation hoped that a strong labour presence would be retained when board’s term ends July next year.

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