Issue: December 2011 / February 2012
Editorials

FIRST WORD

Pension funds represent the convergence between capital and labour, management and ownership. They can play a powerful role, which they should, in bridging the divides of a system being subjected to worldwide protest and hostile criticism. Read more...


FINANCIAL CRISIS

SA equities have experienced an unprecedented bull run. As it peters out, possibly for years in line with the global economic downturn, trustees and members of retirement funds should start getting used to the idea of lower investment returns. Read more...


SURPLUS STRIPS

On and on goes the criminal trial of Simon Nash. It seems a long way from finality. At the same time, in the civil court, a curatorship dispute must be resolved as well. Both have major implications. Read more...


CURRENTS

National Development Plan says little about savings; Importance of JSE’s “inward-listed” policy change; GEPF annual report shows biggest holdings; Directors’ burden at life offices; Fund administrators fined; Detail revealed on “Ghavalas” fund surpluses; Abacus after the Pioneer debacle; FSB wins in Supreme Court of Appeal; Deduction from withdrawal benefit disallowed; Equities mantra challenged. Read more...


COVER STORY

It’s simply wrong that billions of rand are going to waste in unclaimed benefits. This proposition is hard to fault. Much harder is to remedy it. The great tragedy is that so many people in dire need are simply not getting the money due to them, and they don’t even know about it because it’s virtually impossible to tell them. Read more...


ENVIRONMENT

Trustees and fund managers had better look closely at their exposures to carbon emissions. They might well find a chunk of their assets threatened by legislative controls. Read more...


SUSTAINABILITY REPORTING

Despite implementation of King III, the integration of ESG criteria still provides leeway for spin. Ostensible compliance makes for bulky reports but can allow unimportant information to overshadow the important. Read more...


EXECUTIVE PAY

It’s a sensitive point, in SA as much as internationally. How far institutional investors, like pension funds, can go to intervene is moot. Some will say too far; others, not far enough. Read more...


INVESTOR STEWARDSHIP

A world-renowned authority looks at faults in the present system and suggests improvements, possibly radical. Ultimately, he says, institutional owners and company managers have symmetrical power provided the former use it. Read more...


REGULATION 28

Principal Officers Association links up with the International Finance Corporation to help local retirement-fund trustees with ESG policy implementation. Read more...


RESPONSIBLE INVESTING

Either apply the new CRISA code, or explain non-compliance. Institutions have signed up. Now here it comes. Be prepared. Read more...


GUARDIANSHIP

It is possible to communicate with poorer, less well-educated people not only in urban centres but also in rural areas. All it takes is effort. Read more...


GRAVY

Hooray for tobacco.Read more...


Expert Opinion