Editorials
FIRST WORD
Pension funds are continually urged to become active owners of
companies where they invest. Unless they do, the companies can
act as if they’re ownerless. Heed such eminences as Myners and
Millstein, long frustrated in the governance they’ve been trying to
promote
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RETIREMENT REFORM 1
It’s all very well for National Treasury to keep pushing a better deal
for savers. Their better deal won’t come only from cost savings but
also from successful outcomes of government policies on economic
growth. These are sorely lacking.
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RETIREMENT REFORM 2
In considering the latest batch of proposals, there are considerable
constraints on implementation. High amongst them is the reliance
on trustees with sufficient skill.
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DIRECTORSHIPS
What’s to be learnt from Germany about the representation of
workers on company boards. The two-tier system will be closely
examined for possible SA adaptation.
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CURRENTS
Hard data on sustainability disclosures to improve corporate reporting;
MMI initiative on BEE asset manager; ANC Gauteng’s engagement with
pension funds; ‘Dark side’ of exchange-traded funds; Curator Mostert
reports on the Cadac fund.
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COVER STORY
Months ago, the Financial Services Board announced that it
would investigate “material prejudice” to members of dormant
pension funds whose registrations might have been unlawfully
cancelled. By this stage, the FSB should be able to report on
progress. But it doesn’t, despite its proclaimed commitment to
transparency. The reason could reflect internal tensions that
remain unresolved.
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BONDS
Few trustees really know much about the workings of the SA
bond market, although they certainly should. Here’s a guide to
help them.
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BLACK ECONOMIC
EMPOWERMENT
It soldiers on, with all sorts of successes being shown. But it’s
high time that pension funds begin to challenge the extent to
which they’re subsidising it.
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B-B BEE POLICY
The way it’s being applied, it can end in tears. To abandon the
principle of “once empowered, always empowered” will mean
continuing dilution of existing shareholders, like savers for
whom government wants a better deal.
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TRANSFORMATION DRIVER
ANC Gauteng chair Paul Mashatile is the new champion of
shareholder activism. In his own words, he explains why.
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SAVINGS
These days the size of the stokvel market equates the size of a medium-sized pension fund. Although they aren’t
savings institutions in the conventional sense, they are savings vehicles of a special sort. Understand their history
and purpose.
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ESG PERFORMANCE
Who’s best and who’s worst. Check the findings of new research from Legae, and how its conclusions were
reached.
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LETTERS
No, trustees do not need to worry about current levels of the stock market. They must look to fund members’ time
horizons.
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GRAVY
Inequalities in the calculation of inequalities.
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