The Democratic Alliance (DA) announced Monday it will table a Private Members' Bill to depoliticize the board of the Public Investment Corporation (PIC) [2].

This legislative move follows a governance crisis at the state-owned investment firm that has threatened the stability of public sector pensions. By altering how board members are appointed, the DA seeks to insulate the fund from political interference and ensure the security of state employees' retirement savings [1, 2].

MP and finance spokesperson Mark Burke (DA) introduced the Pension Protection Bill on July 20, 2026 [2]. The proposal comes amid significant instability within the PIC leadership. The corporation recently faced a crisis triggered by the precautionary suspension of CEO Patrick Dlamini [1, 2].

Further destabilization has occurred within the organization's leadership structure. Three board members have resigned from the PIC [2]. The current board includes representative Matimba Shiburi and two non-executive directors [1].

Burke said the legislation is necessary to prevent the fund from being used as a tool for political leverage. "We cannot allow the PIC to become a political football; this bill will safeguard pensions and restore proper governance," Burke said [2].

The DA argues that the current appointment process leaves the PIC vulnerable to external pressures, a vulnerability that became evident during the recent suspension of the CEO. The proposed bill would establish new criteria for board selection to prioritize professional expertise over political affiliation [1, 2].

“We cannot allow the PIC to become a political football”

The introduction of the Pension Protection Bill signals an attempt to shift the Public Investment Corporation from a politically influenced entity to an independent fiduciary. If passed, the legislation would reduce the executive branch's ability to appoint loyalists to the board, potentially increasing investor confidence but creating a power struggle between the National Assembly and the state's financial administrators.