In a previous post, I showed that the overall staff contingent and average remuneration at the Public Investment Corporation (PIC) have grown very fast over the last two decades. Has the increased resources being spent at the PIC helped produce high long-term returns for government employee pensions? Unfortunately, the data published by the PIC make this difficult to judge. Averaging across years for which comparable estimates are available, the chart below shows that the PIC has more or less matched the returns of its benchmark. However, the total amount spent on non-executive director remuneration is more than 4 times higher now than in 2008 in real terms. The amount spent on executive directors has not grown nearly as much.
