Today's Labour News

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boardroomtableThe Star reports that the Private Security Sector Provident Fund (PSSPF) has rejected the claim that the resignation of 10 board trustees amid a corruption investigation was an admission of guilt.  

The fund said the board members concerned had voluntarily stepped down.  The resignations followed a deed of settlement between the fund and the Financial Services Conduct Authority (FSCA) at the instructions of the high court.  According to the order, at least 10 members were to tender their resignations by 17 September and serve their notice until 31 November.  Prior to this order, the fund had 20 board members.  The chairperson of the PSSPF’s claims subcommittee explained:  “To find an amicable solution in resolving the issues with the FSCA, the board had to reduce the number of serving trustees by 50%.  This entailed the trustees voluntarily resigning at the end of September and serving their notice period till the end of November 2018.  It was not an admission of any wrongdoing from those who resigned.”  Prior to the court process, the FSCA had been investigating allegations that the per-meeting fee policy was being abused by some trustees.  Some were being paid R7,900 for attending a single board meeting and R5,768 for a subcommittee meeting.  In June 2017, there were 19 planned meetings, when it fact 66 were held, resulting in one trustee pocketing R190,000 in that month alone.

  • Read the original of this report by Lindile Sifile in full at The Star


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