19 July 2026 | Johannesburg

The South African Entrepreneurs Movement (SAEM) notes with serious concern recent reports indicating that provisions of the Public Investment Corporation (PIC) Amendment Act may frustrate the implementation of important recommendations made by the Judicial Commission of Inquiry into Allegations of Impropriety at the PIC, chaired by Justice Lex Mpati.

According to these reports, the current legislative framework continues to permit the appointment of the Deputy Minister of Finance, or another Deputy Minister within the economic cluster, as Chairperson of the PIC Board. This appears to be inconsistent with the Mpati Commission’s recommendation that the Chairperson of the PIC Board should be independent, non-executive and appointed on merit in order to strengthen governance and reduce political influence.

SAEM believes that the recommendations of the Mpati Commission were intended to restore public confidence in the governance of the PIC and to protect the retirement savings of millions of South African public servants. Where legislation or executive action prevents the full implementation of those recommendations, Government has a responsibility to address those obstacles transparently and without delay.

In light of these developments, SAEM has resolved to explore all available legal avenues, including approaching the courts, to seek appropriate relief compelling the implementation of the outstanding Mpati Commission recommendations and any consequential legislative or executive steps required to give full effect to them, consistent with the Constitution and the rule of law.

SAEM further calls upon Parliament and the Executive to urgently review the Public Investment Corporation Amendment Act to ensure that it aligns with the governance principles and recommendations of the Mpati Commission.

SAEM calls for:

* The full implementation of all outstanding Mpati Commission recommendations.
* An urgent review of the Public Investment Corporation Amendment Act where it is inconsistent with those recommendations.
* An independent, merit-based and politically independent PIC Board.
* Greater transparency and accountability in the governance of the PIC.
* The protection of the retirement savings of Government Employees Pension Fund members through strong and independent governance.

“The PIC manages more than R3 trillion on behalf of millions of South Africans. The governance standards recommended by the Mpati Commission should not remain aspirations; they should become reality. South Africans deserve a PIC that is independent, accountable and governed solely in the public interest.”

SAEM will continue engaging with stakeholders and pursuing all lawful measures necessary to promote accountability, strengthen governance and ensure that the recommendations of the Mpati Commission are fully implemented.

Issued by:
South African Entrepreneurs Movement (SAEM)
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