Pension funds should be at the front line when it comes to encouraging good corporate governance. The large funds in the Netherlands, Denmark and Norway play that role well. But the trouble with SA is that funds need to improve their governance first, particularly corporate umbrella funds, run by the large life assurers.

There was the ridiculous situation at Old Mutual’s Super Fund in which employee benefits head Bertie van Wyk was parachuted onto its board as an “independent” trustee — not after a three year cooling off period but immediately after stepping down...

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