Issue: April 2005

First Word

Shareholders should have the last say on executive remuneration. They don’t, because their power is limited. But it won’t be for long. Read full article...

Now You See Benefits, Now You Don't

Some frightening figures emerge from National Treasury’s discussion paper on retirement-fund reform. South Africans’ poor savings pattern will haunt millions of pensioners-to-be. The industry is healthy, but the benefits aren’t. Take this as a serious reality check. Read full article...


As the Public Investment Commissioners move into the era of corporatisation, chief executive Brian Molefe adopts a confident stance on reconciliation with the unions. He’s also outspoken on the corporation’s priorities, particularly on whom it intends to serve.


The PIC became a megafund for reasons that had to do with the dying days of apartheid, yet its assets accumulate in the same old way. This is counterproductive to employment generation. A big chunk of the assets should be liquidated.

Trustee training

At last it’s being addressed with the urgency it deserves. A number of structural matters need attention, too.

The big issue

A decision in the Supreme Court of Appeal has legitimised class actions, previously unknown in South African law. It’s a major advance for shareholder activism, were it only to be used. Strangely, it still hasn’t.

BEE, SRI and the rest

Cut through the jargon that pervades corporate South Africa. Here’s a guide to what these terms actually mean.

Consumer corner

The holder of a retirement annuity found the product wasn’t all it was cracked up to be. Then he read the small print, but it was too late.


In the United States, defined-benefit plans are in their death throes. South Africa can consider itself fortunate. Or can it?


The Institute of Retirement Funds isn’t too popular in at least one quarter.