Edition: October / December 2016
Editorials

FIRST WORD

The 2002 King code emphasised the critical role to be performed by “well-trained active financial journalists”. As time has marched on, their numbers have depleted and too much is expected of them. King is weakened.
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CREDIT RATINGS

The pockets of everybody will be hit hard, and the poor hardest, by a downgrade of SA’s sovereign credit to junk. ASISA warns on the key numbers.
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PERSONAL LIABILITY

Former trustees of the IF umbrella funds must pay some R18m for a data rebuild, the Adjudicator has ruled. Their impending court challenge to her ruling has a bearing on all trustees.

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THOUGHT LEADERSHIP

There’s definitely a need for the think tank on corporate ethics and governance that GIBS has introduced. It’s off to a promising start.
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CLASS ACTION

Fund rules in dispute as Solidarity takes on the Government Employees Pension Fund. Now the Public Servants Association has climbed in too.
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CURATORSHIPS

There’s an ugly history in the administration of the Saccawu national provident fund. The CCMA has endorsed the firing of its most recent principal officer, and the way is being prepared for governance normality to be restored.
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CURRENTS

UK proposal for company boards can resonate in SA; Futuregrowth had courageously complied with CRISA; Institutional support for ‘responsible investment’; R1,5bn fine on ArcelorMittal will be paid by innocent investors representing pension funds; Liberty’s planned REIT of its swank Gauteng properties; Helpful textbook for trustees and principal officers; Free Market Foundation opposes imminent ‘Twin Peaks’ regime; Robo advisers battle for profits.
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COVER STORY

Eskom certainly has poked the bees in its stance on independent power producers. Myriad issues are at stake, not least confusion over government policy. Because pension funds have a direct interest in the outcome, their voice must be heard in bringing Eskom and government to confront financial realities.
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LITIGATION

About to reach the High Court, the points of departure between the Financial Services Board and its erstwhile deputy executive officer for retirement funds are set out. Also explained is why the ‘cancellations project’ is so important. Two top pension lawyers evidently disagree on fiduciary duty and on acceptable practices of fund regulation.
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POLITICS

Heat is on the Public Investment Corporation. There are ominous signs that it will intensify unless powers-that-be are seen to leave it alone.
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BENEFICIARY FUNDS

When a fund member dies, trustees shouldn’t automatically revert to their pension fund’s administrator. There might be better providers of this specialist service.

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GRAVY

Oh, to buy an expensive house on the cheap.
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Expert Opinions