Editorials

FIRST WORD

Fund trustees and their asset managers face a dilemma. If they
steer clear of investments in badly-run state enterprises for
reasons of diligence, or other government stock for reasons
that support opposition to ‘state capture’, the ready retort
could be prescribed assets.
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TRADE UNIONS

On the platinum belt, rivalry between Amcu and NUM has
flared into retirement funds. At the same time, mineworkers
are being hit by the scandal at Bophelo which has
uncomfortable similarities with Fidentia.
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FUND ADMINISTRATION

Akani is again in the dogbox over the Municipal Employees
Pension Fund. Despite a probe by the FSB, little seems to
happen.
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ESKOM

On his departure from the utility, chief executive Brian Molefe
was generously treated. Whether that generosity was justified
should be seen in the context of, amongst other things, the
coal transaction with Tegeta that caused financial loss. Why
and by how much?
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CURRENTS

The Eskom Pension & Provident Fund in the Molefe saga;
Transparency, or lack of it, at the FSB; ‘Cancellations project’
doesn’t go away, and the FSB calls for comment on new
guidelines; Futuregrowth carries on with SOEs, having never
left off; Savers in UK pension funds are rather clueless.
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STATE FUND

Here we go, as previously, with Social Development minister
Bathabile Dlamini. The advent of a NSSF will squeeze privatesector retirement funds.
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COVER STORY

The redress of social inequalities is not a feel-good optional
extra. The wider the inequalities, the worse for economic
growth. Retirement funds can play a potent role in their own best interests. There aren’t only genuine community needs but also an abundance of investment opportunities. They require a change in mindsets.
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SAVINGS

Sanlam and Old Mutual sum up the state of play. It
isn’t entirely heartening. Actually, it’s dangerously
deteriorating. Yet the situation isn’t hopeless.
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SASSA DEBACLE

Sygnia’s Magda Wierzyka has had a full go at Allan Gray,
and at CRISA too. Coming from a passive investor, it looks
a little rich.
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INVESTMENT CHARGES

A dispute has developed with TT over Sygnia’s disclosure
of fees. The FSB and ASISA have functions to take a view.
Meanwhile, Allan Gray enters the ring as a “disrupter” in
the umbrella-fund space.
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RESPONSIBLE INVESTMENT

In the aftermath of the Net1 controversy, a cross-section
of asset managers and consultants describe what they’re
doing to comply with UNPRI and CRISA principles.
Some appear to be doing more than others.
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PUBLIC INVESTMENT CORPORATION

The cabinet “reshuffle” has brought contentious changes
to the Finance ministry. As the newly-appointed deputy
minister, Sfiso Buthelezi could go about things differently
from predecessor Mcebesi Jonas in the PIC chair.
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UMBRELLA FUNDS

Management committees have no statutory recognition.
Perhaps it’s time that they did, given the valuable part
they can play in employer-employee relationships.
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CURATORSHIPS

Simon Nash and Tony Mostert are back in battle. One court victory, on contingency fees, has gone to Nash. The other, related to surplus stripping, has gone to Mostert.
Both intend to appeal.
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TECHNOLOGY

Exciting advances to be used for improvements in education of
fund members and in means to communicate with them.
Read more

GRAVY

Oh dear, a 50th anniversary.
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