Edition: September / November 2015
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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