participation in the appointment of the board. Fourthly, lack of the public sector trade union representation on the board and clear attempts by the ANC-led government to nationalise the pension funds administered by the PIC by wanting to prescribe which assets the PIC may invest in. The last point is the speculation that the PIC funds have been earmarked to bailout government and our state-owned enterprises to the detriment of the pensions of our public servants.