Home Press Releases Archived 2013 Danny Glover to launch SACTWU retirement fund trustees Capacity Building Program
Danny Glover to launch SACTWU retirement fund trustees Capacity Building Program PDF Print E-mail
Friday, 31 May 2013 00:00


PRESS RELEASE AND MEDIA INVITE:  IMMEDIATE

The COSATU-affiliated Southern African Clothing & Textile Workers’ Union (SACTWU) will this coming week launch its Inaugural Retirement Fund Trustees Capacity Building Program. 

Danny Glover, well-known  labour activist and Hollywood movie star of ‘Lethal Weapon’- and other films fame, will launch the program on Sunday early evening, in Cape Town (Mr Glover holds honorary status as SACTWU’s No 1 shop steward, due to his long standing campaign relationship with our union). He is also here as part of a senior United Automobile Workers’ Union (UAW) delegation to mobilise support for the recognition struggles of Nissan workers in Mississippi.

This initiative follows on a decision from the SACTWU National Executive Committee (NEC) to tighten governance relations of employee retirement fund trustees involved in all retirement funds to which SACTWU members belong, after our union’s recent bitter experience where millions of rands of our members’ retirement fund monies appear to have been lost.

The launch with Mr Glover will be open to the media and will be held as follows:

DATE:                    Sunday, 2 June 2013
TIME:                    18h00-19h30
VENUE:                Holiday Inn Garden Court, Nelson Mandela Boulevard, Walmer Estate, Cape Town (previously Holiday Inn Eastern Boulevard)

The event will run from 2 June 2013 to 5 June 2013. It will be attended by 100 employee trustees from all parts of the country, representing 18 retirement funds from the clothing, textile, leather and related sectors, to which 75 000  (88%) of SACTWU’s 85 000 members belong.

The event will also be addressed by Mr Zwelinzima Vavi, COSATU General Secretary. His address is also open to the media as follows:

DATE:    
                Tuesday, 4 June 2013
TIME:                    11h00
VENUE:                 Holiday Inn Garden Court, Nelson Mandela Boulevard, Walmer Estate, Cape Town (previously Holiday Inn Eastern Boulevard)
TOPIC:                  Social Security reform challenges: COSATU’s position

The overall program, which will mainly be facilitated by senior legal, academic, labour,  industry and criminal prosecution (including from the National Prosecuting Authority – NPA) experts, will cover a wide range of issues, including the following:

-the fiduciary duties of trustees;
-key legislation involving retirement funds (such as the Pension Funds Act, etc)
-types of retirement funds;
-the role of fund consultants;
The role of fund asset managers;
-SACTWU’S Policy Platform on Retirement Funds;
-the role of the Financial Services Board (FSB);
-the role of the Pension Funds Adjudicator;
-dealing with retirement fund investment decisions;
-reporting requirements of retirement funds;
-criminal case studies (such as the recent Fidentia case);
-an overview of the recent provident fund crises involving Trilinear and governance lessons there-from;
-report back skills and requirements for member report backs;
-interpretation of membership retirement fund statements;
-an overview of the proposed national social security reform programmes and its potential implications to SACTWU members.

Issued by
Andre Kriel
SACTWU
General Secretary

If further practical information is required, kindly contact Fachmy Abrahams, Co-ordinator in the Office of the SACTWU General Secretary, on cell number 0825222386.