Editorials

FIRST WORD

Pension funds should have been outspoken over the damage caused by Nenegate to their asset values. Instead, they were nowhere to be heard. If ever the need were apparent for them to have a collective voice, this was it.
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INVESTMENT STRATEGY

Some top asset consultants share their advice to pension funds on portfolio construction during this period of extreme volatility. A contrarian view, not to write off the rand, might not be too contrarian after all.
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FEES DISCLOSURE

Welcome the introduction of a standardised Effective Annual Cost measurement for retail products. It applies to all collective investment schemes including retirement annuities.
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SURPLUS APPORTIONMENT

Scrap looms over Tongaat-Hulett fund. Former trustees are off to court while present trustees suggest that, even if they succeed in their action, they’ll remain in much the same position.
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CURRENTS

Could be that an end to the long curatorship of the Saccawu fund will draw to a close; Supreme Court of Appeal intervenes over Cadac fund; GEPF discloses its exposure to Independent News & Media; Union leverage in delaying an element of retirement fund reform; UK body wants costs clarity for pension funds; TT’s production schedule.
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COVER STORY

A significant milestone is the celebration by the United Nationsbacked Principles for Responsible Investment of its tenth anniversary. Reflect on what the PRI has achieved and where it’s headed, especially for SA retirement funds. There are serious impacts, some already realised and more still intended.
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FINANCIAL SERVICES BOARD 1

A hornet’s nest has been stirred by FSB deputy executive officer Rosemary Hunter. Her allegations go beyond the cancellations of ’dormant’ retirement funds. While the official response to her affidavit is awaited, an FSB statement on its annual report is open to challenge.
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FINANCIAL SERVICES BOARD 2

Through the Hunter controversy, a step at a time, as it began to unfold on Biznews.
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SUSTAINABILITY 1

JSE provides more detail on the methodology for its new ESG index in partnership with FTSE Russell.
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SUSTAINABILITY 2

Long-term investors such as pension funds should play closer attention to the practical utility of ESG data.
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INVESTMENT STRATEGIES

A father of smart-beta indices questions whether ’smart beta’ is really as smart as its proponents purport.
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LETTERS

How passive investment has opened up for ESG; Tax precedent for Nkandla.
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GRAVY

History repeats itself where it shouldn’t.
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