SADTU CONDEMNS ATTEMPTS TO UNDERMINE ACCOUNTABILITY AT THE PUBLIC
INVESTMENT CORPORATION (PIC).
The South African Democratic Teachers ’Union (expresses its profound concern and
disappointment at the statement issued by the Minister of Finance, Mr Enoch Godongwana,
regarding recent developments at the Public Investment Corporation (PIC).
As a representative of thousands of public servants whose pension savings are invested
through the Government Employees Pension Fund (SADTU rejects any notion that
accountability can be subordinated to the status, position, or perceived importance of any
executive, regardless of rank.
The Minister’s intervention raises serious questions about governance, accountability and the rights of workers whose deferred wages constitute the funds entrusted to the PIC.
The central question is simple: Is the Minister suggesting that some executives are
untouchable and should be shielded from the governance processes that apply to ordinary
employees?
Across South Africa, precautionary suspensions are routinely applied where serious
allegations, whistleblower disclosures or governance concerns require independent
investigation. A precautionary suspension is not a finding of guilt and is not punitive. It is a
governance mechanism designed to protect the integrity of an investigation, safeguard
whistleblowers, preserve evidence and prevent intimidation, interference or retaliation.
If precautionary suspension i s acceptable for ordinary workers, why should it suddenly
become unacceptable when allegations concern a chief executive officer?
The Board had a fiduciary and governance responsibility to independently determine the
facts surrounding allegations brought to its attention. Good governance demands that
allegations be investigated impartially and without fear, favour or prejudice.
Workers are repeatedly told that they must trust experts, corporate leaders and financial
executives to manage their pension investments. Yet when legitimate governance processes are applied to those occupying powerful positions, workers are expected to accept that accountability must be sacrificed in the name of stability. This is a dangerous precedent.
The elevation of certain executives to a position where normal governance standards do not
apply poses a far greater threat to workers ’pension savings than any precautionary
suspension ever could.
For too long, workers have been subjected to a narrative that questions the professional ism
and judgment of elected worker representatives while elevating corporate and business
interests as inherently superior. Workers are not mere spectators in the management of
their pension funds. They are the rightful owners of these savings and have every right to
demand transparency, accountability and prudent governance.
SADTU believes that workers must rise and defend their hard-earned pension savings before it is too late. The history of our country has taught painful lessons about what happens when governance failures, political interference and the concentration of power are allowed to undermine accountability in public institutions.
The whistleblower allegations that gave rise to these developments must be investigated
independently, professionally and transparently. Any attempt to suppress, dismiss or sweep
these allegations under the carpet would be a betrayal of the workers whose money is
entrusted to the PIC.
SADTU warns against any effort to create a culture in which powerful executives are treated as untouchable or exempt from the governance standards applied to ordinary employees. Such a culture creates fertile ground for abuse of power and threatens the integrity of institutions entrusted with managing workers ’savings.
Workers have sacrificed throughout their working lives to build these pension savings. These funds are deferred wages belonging to workers and not politicians, executives or private interests.
We must never again allow circumstances that create opportunities for the capture,
manipulation or misuse of institutions entrusted with workers ’savings. The whistleblower
allegations that have emerged must be subjected to a thorough, independent, transparent
and fearless investigation.
Workers must reject the dangerous notion that any executive is too important, too powerful
or too connected to be subjected to normal governance processes. Accountability cannot be
selective. The same standards applied to ordinary workers must apply equally to those
occupying the highest posit ions of authority.
SADTU calls on workers to unite in defence of their pension savings and to demand greater
accountability, transparency and worker oversight in the management of their deferred
wages. The owners of the money must never be reduced to spectators while decisions
affecting their retirement security are taken on their behalf.
The time has come for workers to take a firm stand in defence of the GEPF and the PIC.
Silence and complacency are not options. Workers must organise, mobilise and ensure that
their voices are heard before it is too late.
No politician is bigger than the workers and their unions.
No individual is bigger than the institution. No executive is above accountability. No threat
to workers savings must go unchallenged.
ISSUED BY: SADTU Secretariat