Date: 03/03/05
Source: National Treasury
Title: Manuel: National Union of Mineworkers Retirement Funds Summit

Keynote Address of the Minister of Finance, Trevor Manuel, at the National Union of Mineworkers Retirement Funds Summit, Heritage Conference Centre, Rosherville

3 March 2005


Good morning distinguished guests, ladies and gentlemen. I bid a special good morning to those of you who are sitting before me in your capacity as trustees.

I'd like to start by applauding the leadership of the National Union of Mineworkers for demonstrating the quality of leadership to convene a summit such as this. It shows great foresight and commitment to the common cause of protecting the interests of retirement fund members.

I also applaud the approach outlined in Gwede Mantashe's letter inviting me to address you. The letter states that: The objective of the summit is to empower our trustees and members about the control and administration of their retirement funds.

This practical approach is to be encouraged. You will be debating a host of issues related to retirement funding, but my plea would be that you tackle these issues in such a way that each and every trustee here today will return to the workplace armed with the information and practical suggestions they need in order to make a palpable difference to the quality of fund governance. For that is what we are here to talk about today ,the equality of trusteeship?.

When I refer to each and every trustee here today, I am counting myself in that number. I am speaking to you today not as the holder of the Budget purse, but as a fellow trustee. My time is running out as the sole trustee of the largest pension fund in the country “ the Government Employees Pension Fund with R350 billion under management, made up of the contributions of civil servants and Government as the employer “ but I certainly understand the challenges of trusteeship (and I am more than happy to share them!).

It is in this spirit, as a fellow trustee, that I also want to be practical in my address to you today. Unlike fund managers and investment consultants, I will try not bewilder you with abstract concepts, nor speak to you in that strange language that actuaries use to converse. I would like to come back to first principles and remind everyone here today that trusteeship is integral to the work of trade unions. Trade unions are established to protect the interests of their members. This includes not only the working conditions but also the living conditions of their members