Issue: March 2005

First Word

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...

Publishers Message

Nomahlubi Maytula-Simamane feels she’s just given birth, yet again, as indeed she has. She explains why her hopes for the TT infant are high. 

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 be done. 

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 activated.
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 horror.

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 retirement-funds reform.

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 responsibilities too.


A little this and that about Brett Kebble, African Harvest, Tokyo Sexwale and others….