Allan Greenblo on the reasons for launching TT. He
discusses the uniqueness of the market it seeks to serve, and how it will do so.
Read full article...
Official Alert! It's a new order. Get on with it!
Finance Minister Trevor Manuel, in a question-and-answer with TT,
positions the goalposts for retirement-fund trustees. They have formidable
duties, as do fund managers, and must work together for the benefit of fund
members. He emphasises the needs for training, transparency and shareholder
activism. Read full article...
Nomahlubi Maytula-Simamane feels she’s just given birth, yet
again, as indeed she has. She explains why her hopes for the TT infant
They said it . . .
Selection of quotes, culled over a recent period, from a wide
range of authorities. There’s a consistent theme, illustrating what needs to
New slant on BEE
Retirement funds represent the great mass of beneficial
shareholders in JSE-listed companies. The more the ‘elitist’ deals on black
economic empowerment, the more these indirect shareholders stand to be diluted.
Worse, it happens with minimal consultation. The horse must be put back in front
of the cart.
Shareholder democracy beckons
It goes to the heart of TT. ‘Your money, your power’ is
not simply a payoff line. It’s a realisable objective, provided activism is
Retirement-fund members have the money, and their trustees have the power.
Here’s how to start moving.
How benefits stack up
Although investing for retirement is long term, it’s just as
well that over the past year JSE share prices have moved strongly upward. It
helps those about to retire, not necessarily those who retired during the prices
trough. Might this invite pressure for a switch back from defined-contribution
to defined-benefit funds? Employers would probably view the prospect with
Voice of the workers
Union representatives are loud and clear. Organised business had
better get its act together, rather smartly, because so far its response seems
muted. Without open engagement, unions will run the Nedlac agenda on
Balance of power
With the support of government and the Financial Services Board,
employee-elected trustees of retirement funds will come into their own. All the
signs are there. That they contain a strong political message is part and parcel
of transformation. Fund managers will need to adapt.
Points of law
There’s honour in being a trustee. There are heavy legal
A little this and that about Brett Kebble, African Harvest, Tokyo
Sexwale and others….