A matter of profile
STEPHEN CRANSTON: R1.5 trillion government pension fund needs 'open elections' for trustees
It always strikes me how little attention is given to the Government Employees Pension Fund
It always strikes me how little attention is given to the Government Employees Pension Fund (GEPF). After all, it is the custodian of the R1.5 trillion or more in funds that minister Malusi Gigaba would love to get his hands on. All the attention is rather focused on the Public Investment Corp (PIC), which is no more than an agent of the GEPF. The PIC is tightly constrained by its mandate from the GEPF, and PIC boss Dan Matjila is telling the truth when he says he can’t buy a full R10bn of Telkom shares. I have always believed the PIC should simply be the investment department of the GEPF so that there is no confusion. The GEPF could certainly do more to raise its profile and beef up its intellectual capital. The principal executive officer, Abel Sithole, was a good choice, as he had the same job at the Eskom Pension & Provident Fund and later ran Metropolitan Employee Benefits and Metropolitan Asset Managers. He can’t take all the blame for the lack of progress at the latter. But t...
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