Today's Labour News

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GEPFBusinessLive reports that the obligation of the Government Employees Pension Fund (GEPF) to invest money with the Public Investment Corporation (PIC) came under the spotlight at the Mpati inquiry on Monday.  

Albert van Driel, head of advocacy group Association for Monitoring and Advocacy of Government Pensions (AmaGP), called for the GEPF to spread its funds to a greater number of asset managers.  The GEPF’s entire portfolio amounting to almost R1.8-trillion is invested through the PIC, making the state-owned asset manager the largest and most influential investor in the economy.  The commission has been charged with investigating allegations of malfeasance and internal instability at the PIC.  Van Driel indicated that there was “no hard or fast rule or law that all the funds must be given to the PIC to do the investments of the GEPF” and that in their view “the GEPF should contract directly with investment managers”, which would be in the best interests of the fund.  The GEPF’s principal executive officer, Abel Sithole, has previously indicated that the use of the PIC as sole investment manager was not obligatory.  Van Driel also argued that the mandate of the inquiry should be extended to appraise the role of the GEPF’s board of trustees.

  • Read this informative article by Warren Thompson in full at BusinessLive
  • Read too, Association concerned about some PIC investments, at EWN

Get other news reports at the SA Labour News home page