role in the appointment of the PIC chair, full annual reports on investments to Parliament, annual reports on requests to the Minister for approval of significant transactions, as well as consultation with Parliament on regulations. It was, and remains our strong view that the PIC board must not have any political interference, and that the appointment of an independent chair of the board was essential to avoid political interference, particularly in the unlisted investment decisions.
This Bill was rejected by the Standing Committee on Finance as being undesirable, and the committee subsequently approved its own Committee Bill that we will deliberate on, later this afternoon. We look forward to further amendments to the Public Investment Corporation Act once the recommendations are received from the Mpati Commission of Inquiry. Thank you, Madam Speaker.
Speaker, comrades and friends, in brief, the fact is that it's not the DA, alone. All of us agreed that there were wrongs and difficulties in the PIC. All of us agreed something needed to be done about it. In