Whether the (a) Compensation Fund (CF) and (b) Department of Labour intend to hold the Public Investment Corporation (PIC) accountable for the late and/or non-submission of financial information for audit purposes of the CF, with specific reference to unlisted investments made by the PIC on behalf of the CF; if not, why not; if so, how?
Yes. The Investment Services Agreement between the Fund and the PIC is being reviewed to incorporate Penalties for non-compliance to the Service Levels and reporting requirements.