Issue: April/May 2007

First Word

The spate of private-equity transactions, already announced and likely still to come, can significantly reduce the universe of shares with their primary listings on the JSE that are suitable for investment by retirement funds. Read full article...

New BEE Codes

The clincher is in the small print. Recognising black members of retirement funds for purposes of scoring BEE points on company ownership is a major breakthrough. It can significantly change the numbers, and gives the members clout that’s rightfully theirs. Read full article...

Retirement Fund Reform

National Treasury’s second discussion paper introduces a national fund for lower-income workers, also affecting everybody in the formal sector. It’s a massive step in advancing social security. Debate will focus on the detail, including the cost.

This & That

Retirement fund tax has been abolished. It should never have been imposed in the first place.

Big Issue

In financial debacles, nothing has been bigger than Fidentia. It’s riddled with ramifications, but the 15-year maximum prison sentence that the law provides for abuse of trust monies won’t be of much help to the widows and orphans in receiving their benefit entitlements. Read full article...

Cover Story

Suddenly, there are several potent reasons to take shareholder activism seriously. The draft of the rewritten Companies Act is one of them. A plethora of codes and commitments have converged to indicate that the days of lip service are about to end. Read full article...

More on Fidentia

The need for proper trustee training is all the more glaring. Trustees must be not only competent but also honest.

Service Providers 1

A checklist to help trustees select them. Price is not the sole criterion.

Service Providers 2

After the hammering it took last year, Alexander Forbes is getting back into shape. Its chief executive explains how.

Corporate Reporting

The world’s top accountancy firms want to revolutionise communication with stakeholders. They contend that the present system is antiquated and take the lead in proposing alternatives.

Pension Funds Adjudicator

Laureen Manuel describes how the backlog of cases is being addressed. The more cases the PFA Office resolves, however, the more it attracts.


Vernon Boulle and James Maitland discuss the differences between with-profit and conventional annuity policies. They’re important for trustees to understand.

Defined Contribution

Dion George points to the “‘interest-rate risk”, too little considered in the past but not too late to keep top of mind now.

Sustainability 1

Karin Ireton insists that reports must avoid marketing hyperbole and argues that adherence to claimed values strongly supports the business case.

Sustainability 2

Helen Wildsmith has concluded research showing that larger pension funds can play a significant role in promoting South Africa’s development.


Pre-trial publicity given to the Fidentia accused can backfire.