So frequently is the term “onerous fiduciary duties” drummed at retirement fund trustees that it beats with a hollow monotony. Sure, trustees and service providers will say, they’ve complied, and usually they have or at least can produce defences that they had. But every now and then unusual events occur that will challenge more than an ability to tick boxes.

Two recent high-profile situations are extraordinarily tricky. One arises from the inquiry of the judge-led commission into the Public Investment Corp (PIC). The other is in the contentious dismissal by Old Mutual of CEO Peter Moyo.

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