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Edition: August / October 2018

Editorials

FIRST WORD

Race against time for Gordhan on SOEs. Shudder to contemplate it, but prescribed investments might be the most undesirable and yet the most desperate solution. That’s how dire situation has become, particularly at Eskom that defies voluntary inducements.
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LAND EXPROPRIATION

Amidst all the heat, an informed analyst keeps cool. He offers a reassuring perspective that the EWC threat needn’t be exaggerated.
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FSB / FSCA

The old is replaced by the new. Comprehensive questionand- answer with the FSCA provides insight into changes ahead. Expect several differences, not only in titles.
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CURRENTS

Draconian measures against defaulting employers in UK could set precedent for SA on enforcement of pension-fund obligations; Key excerpts from Sanlam benchmark; The SALA fund, its Fairsure administrator and the dirt in VBS mutual bank; Watch for the proxy voting at the Naspers agm on the remuneration of a director; Tongaat-Hulett pensioners lose in the SCA, which also rules against them on costs; Peculiar payments in the troubled Private Sector Security Provident Fund.
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COVER STORY

Regulator moves to stimulate “sustainability” in pension funds’ investment policies. Looks good in principle, but perhaps not so easily achievable in practice. ESG factors must be taken seriously, as must funds’ mandates to their asset managers. A lot more work will be required.
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SASOL PENSION FUND

A whistle-blower has caused ructions. The fund’s trustees have attempted to deal with them, but the FSCA must still have its say on whether their responses were adequate.
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PERSONAL LIABILITY

Former trustees of the IF pension and provident funds have won their drawn-out battle over the cost of a database rebuild. They won’t have to pay R18m.
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UMBRELLA FUNDS

Leading professionals at daggers drawn on “independence” of trustees on the boards of umbrella funds. Hanekom and Hunter diverge over the proposed amendment to s7B of the Pension Funds Act.
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SUPER ANNUATISATION

Big troubles in Australia. The model used to help guide SA retirement-fund reform is under the whip for disparities in investment returns.
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LEARNING

Success of incubator ASISA Foundation project at bringing financial literacy to the poor. Micro businesses are launched with multiplier effects.
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FINTECH

How the jobs of asset managers will change over the next 10 years. New skills sets will be imperative.
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GRAVY

Eskom as a Ponzi scheme.

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