The PIC is tasked with investing the pension funds of government employees, and therefore tend to hold large chunks of equity in public companies. In fact, they hold over R700 billion assets under management, making them one of the largest investment managers in the country.
This powerful capital allows them to invest heavily in blue chips, and with it the concomitant power of having a say in how those organisations should be run. In early 2007 they held 17% of multinational Barloworld, which gave them a platform to vote against the re-election of Chairman Warren Clewlow. They put similar pressure on the board of Sasol, over transformation at executive level.
Most of their day-to-day voting decisions are against a perceived diluting of the PIC’s shareholding in the company at hand.
Read the document, fascinating read. A good study in the responsibilities of power. Well done on the disclosure document, a forum or blog on the PIC website would be an excellent addition.