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PIC having 'fruitful' talks with Mboweni over staff bonuses, MPs hear

Oct 16 2019 14:14
Lameez Omarjee
Tito Mboweni, South African Minister of Finance wa

Tito Mboweni, South African Minister of Finance walks with members of the Finance Ministry up Government Avenue to deliver his medium-term budget speech on October 24, 2018. (RODGER BOSCH/AFP/Getty Images)

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The Public Investment Corporation will table a revised remuneration policy at the next Annual General Meeting with the shareholder - Treasury - in November, members of Parliament heard.

Executives of the investment corporation, including chairperson Reuel Khoza and acting CEO Vuyani Hako, on Tuesday briefed Parliament's standing committee on finance on the 2018/19 financial performance.

The matters raised by members of Parliament include staff members holding pickets over caps on bonuses, which have been imposed by Treasury.

Fin24 previously reported that earlier this month members of the National Union of Public Service and Allied Workers, who work at the PIC, held lunchtime demonstrations at its head offices in Pretoria over poor governance and leadership of the organisation.

The union's secretary-general Yongama Mabece told Fin24 previously that the organisation's remuneration policy is not being followed and this is a governance risk.

'We understand each other'

While Treasury has not commented on the matter, the PIC's Hako confirmed that there had been engagements with Finance Minister Tito Mboweni about the caps.

The PIC is reviewing its policies and processes, one of them being the remuneration policy, he told the committee. "We have had fruitful engagements with the honorable minister of finance. We understand each other, that ultimately we have to be guided by the Companies Act in terms how we deal with issues of remuneration," Hako said.

The PIC will attend an AGM with the Treasury in November, where the remuneration policy will be tabled. "One of the key issues coming out of that is the practice of National Treasury to impose particular conditions," he said.

Hako said that whatever conditions are imposed must be "harmonised" with the remuneration policy.

"If we come to a point of harmonisation, the contradictions will be eliminated," Hako said.

Mabece, however, told Fin24 via WhatsApp message that the employees are adamant in rejecting the "interference" of the finance minister.

pic  |  vuyani hako  |  tito mboweni  |  salaries  |  bonuses  |  remuneration
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