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As a central knowledge portal to the retirement and related industries, EBnet publishes a range of daily articles submitted by a range of industry organisations, experts and contributors. Readers can also comment on and contribute to articles.

Who owns what?

Why does it matter?

Calls for broader participation in and ownership of the economy are increasing. It’s time for us to shift our attention from short-term return on financial capital and shareholder equity, to long-term return on human capital and societal equity.

A fresh breeze is blowing through the corridors of society, where ordinary people have found their collective voice, and are using it to change the conversation. Gone are the days of subservient obedience and reliance on the few in the know to make decisions on behalf of the many. This is increasingly true of the millen...

Since December 2017, Steinhoff has been hogging the media for the wrong reasons. Investigations are currently in progress, it is therefore premature to make any definitive pronouncements. However, it does provoke a few questions.

 How did the executives, boards, CFOs and audit committees, auditors, coterie of asset managers and their research teams, consultants and big private investors get it wrong?

It shows that it is not very difficult to fool most of us. Have we developed a “conspiracy of reverence” to these companies? Are they “holy cows”?

Before we look at the lessons, what is good corporat...

Numerous demands on your time and pockets mean that as a woman it’s easy to stray from the path to achieving your financial goals. But in anticipation of the upcoming International Women’s Day, Christelle Louw, an Advisory Partner at Citadel, offers some practical tips for avoiding common slip-ups and getting your own finances back on track.

She cautions that despite the many accomplishments that South African women are achieving as leaders and in their careers, it’s all too easy to fall prey to the dire mistake of neglecting your personal finances.

“It can be difficult to strike the right balan...

Employee fraud has risen sharply in recent years, and statistics show that instances of theft by employees are becoming increasingly severe. This according to Anton Meyer, Executive Head: Financial Lines at SHA, who explains that employee fraud impacts a significant number of South African companies, and has the potential to result in significant losses, driving a company into insolvency.

Managing and insuring against the risk of corporate fraud has also become increasingly difficult for many companies. “There is simply no accurate way to anticipate which employees are most likely to commit fra...

The implosion of JSE-listed Steinhoff International Holdings NV (“Steinhoff”) has received a significant amount of attention since the spectacular collapse of its share price early in December 2017.

While it’s generally agreed Steinhoff’s legal headwinds will take many years to settle, only time will tell whether shareholders will be able to recover any of the losses that they have suffered. The international flavour of Steinhoff’s operations will further complicate the legal wrangling in the years ahead.

Jaco Pretorius, CEO of Ensimini Financial Services, says while the various investigations,...

A reflection on the rise of factor-based strategies

Many enthusiastic investors look forward to this time of year – be it with excitement or trepidation – so they can reflect on how their funds stacked up on performance-ranking tables over the prior year. The sterile obsession around 12 month performance notwithstanding, calendar years are neatly packaged time periods to look back on everything that went well, and everything that didn’t. Was my fund exposed to Steinhoff? Did I have enough Naspers? Was my portfolio hedged against the Rand? And ultimately… did I pick the right fund manager(s) to...

February 26, 2018

A key announcement by Finance Minister, Malusi Gigaba last week included the increase in offshore allocations by institutional investors of 5%, meaning that institutional investors can now invest up to 30% offshore. However, institutional investors typically include retirement funds.

Discovery Invest approached the Financial Services Board for clarity on how this would work practically in light of the Regulation 28 restrictions under the Pension Funds Act, which currently stipulate that retirement funds may not invest more than 25% offshore.

Olano Makhubela, Deputy Executive Officer for Retireme...

Finance Minister Mr Malusi Gigaba started his address by referring to the budget as “tough but hopeful” and reading through the detail we agree. Prior to the budget, we noted that the focus would likely be on the revenue side but it is the expenditure side that really surprised the market. 

Government increased its revenue projection by R36 billion. Among others, this will be attained through increasing value added tax (VAT) from 14% to 15%, raising taxes on estates over R30 million to 25%, implementing only partial relief for bracket creep, increases in the fuel levy, sin taxes, and higher exc...

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