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Public Investment Corporation Amendment Act 14 of 2019 (English / Afrikaans)

14 of 2019

The Public Investment Corporation Amendment Act 14 of 2019 intends:

  • to amend the Public Investment Corporation Act, 2004, so as
  • to insert certain definitions;
  • to determine the composition of the corporation’s board of directors and to provide for the progressive implementation of the new composition;
  • to provide for the Minister to designate the Deputy Minister of Finance or any Deputy Minister in the economic cluster, in consultation with Cabinet, to be the chairperson of the board;
  • to provide for the Minister to appoint the members of the board in consultation with Cabinet;
  • to provide for specific representation on the board;
  • to require directives regarding the management of the corporation to be tabled in the National Assembly and before the depositors, as well as that it must be published;
  • to require the corporation to consider certain guidelines when investing deposits;
  • to require the corporation to publish and submit a report on all investments to the Minister for tabling;
  • to provide for annual reporting on requests for approval made in terms of legislation;
  • to provide for a procedure that the Minister must follow before making regulations;
  • to provide that the Minister must table regulations in the National Assembly; and
  • to provide for matters connected therewith.

Commencement

15 February 2021

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