Edition: December 2015 / February 2016
Editorials

FIRST WORD

In the current SA discourse there are terms commonly used that affect the role and governance of pension funds. A big help would be clarity and consensus on their meanings, especially as emerging markets fall from the favour of international investors.
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SURPLUS STRIPS

‘Ghavalas option’ charges against Wynne-Jones have been dropped. Take stock on the present state of play as only one criminal trial still remains.
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RESPONSIBLE INVESTMENT 1

UN-backed report lays it on thick about trustees’ fiduciary duties when they come to environmental, social and governance responsibilities. Advances and challenges in SA implementation.
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RESPONSIBLE INVESTMENT 2

Action on climate change is upon us. It will impact on pension funds’ investments. Meanwhile, two cheers for the new JSE/FTSE sustainability index series.
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CURRENTS

Gaia lists on JSE for direct investment in infrastructure projects; Trustee remuneration needs guidelines; Fairheads and FedGroup in marketing battle; High Court date still awaited on liability for database rebuilds; Two big funds get top awards while the Pension Funds Adjudicator is scathing about another; How SA pension funds shape up internationally; UK opposition to fees disclosure being standardised; Horses for courses in RI index constituents.
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PERFORMANCE FEES

National Treasury should rethink its proposals for default investment portfolios. As they stand, an unintended consequence will be negative for private equity and so dampen an intention of Reg 28.
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LITIGATION

FSB Appeal Board thrashes the principal officer and trustees of the SA Local Authorities Pension Fund for misbehaviour.
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COVER STORY

It’s been13 years since the Saccawu national provident fund was placed under curatorship. Despite continuing litigation, or perhaps because of it, the Registrar should now seek to replace the curator with competent trustees. Meanwhile, a dispute about the fund’s dismissed principal officer is being heard in secret at the CCMA.
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ASSET MANAGEMENT

Size does matter, but the respective cases for larger and smaller are argued from diametrically opposite corners.
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NEWSPAPERS

Latest circulation figures make the R500m investment by the PIC in Independent News & Media increasingly curious. What criteria were applied and what returns are being shown? The PIC should answer.
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RHODES CAMPAIGN

Student protesters undermine their own credibility when they attack trustees of the UCT pension fund.
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ALTERNATIVE ASSETS

Rewards from private equity for investors and the economy.
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COMPANY REPORTS

Properly presented and used, integrated reports should be of great value for trustees to evaluate the long-term performance of investee companies.
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GRAVY

No 1 tax question.
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