Parliament passes three bills during sitting

National Assembly passes three (3) bills during sitting this afternoon

The National Assembly plenary sitting this afternoon passed three (3) Bills, Public Investment Corporation Amendment Bill (Committee Bill), Finance and Customs and Excise Amendment Bill, Traditional and Khoi-San Leadership Bill.

The House’s approval of the Public Investment Corporation Amendment Bill (PIC) comes on the back of various allegations of wrong-doing and questionable investments leveled against the PIC.

The PIC Amendment Bill, a Bill of the Standing Committee on Finance, aims to provide greater transparency and better governance in the PIC.

One of the Bill’s key aspects is around representation on the PIC Board.  According to the Bill, the Minister of Finance must appoint 10 non-executive PIC Board members, including a representative of National Treasury, two representatives from the largest depositor and one representative from any depositor whose assets under PIC management amounts to at least 10 percent, two representatives from the trade union with the majority of members on the Government Employees’ Pension Fund and one representative (decided by the Public Service Coordinating Bargaining Council) based on proportional representation.

The Bill also requires the Minister of Finance to table a report annually to Parliament regarding all investments and requests for approval of any significant transactions in terms of the Public Finance Management Act. The Minister must also table regulations on the PIC in Parliament.

The third Bill to get the nod this afternoon was the Finance and Customs and Excise Amendment Bill, which seeks to amend the Customs and Excise Act, 1964, so as to make provision for the administration and collection of carbon tax revenues; and to provide for matters connected therewith.

The Bill will now be sent to the National Council of Provinces for concurrence.

The Traditional and Khoi-San Leadership Bill was passed with amendments proposed by the National Council of Provinces (NCOP).

The purpose of the Bill, among others, is to make provision for recognition of the Khoi-San, to effect consequential amendment to other laws, while also repealing the National House of Traditional Leaders Act of 2009 and the Traditional Leadership and Governance Framework Act of 2003.

The Bill will now be sent to the President for assent.

Enquiries:
Moloto Mothapo
Cell: 082 370 6930

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