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Do boards of trustees of South African retirement funds owe fiduciary duties to both the funds and fund members? The debate continues

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dc.contributor.author Marumoagae, M C
dc.date.accessioned 2012-09-05T11:26:28Z
dc.date.available 2012-09-05T11:26:28Z
dc.date.issued 2012
dc.identifier.citation Marumoagae, M.C. 2012. Do boards of trustees of South African retirement funds owe fiduciary duties to both the funds and fund members? The debate continues. Potchefstroom electronic law journal (PELJ) = Potchefstroomse elektroniese regsblad (PER), 15(2):554-569 [http://www.nwu.ac.za/p-per/index.html] en_US
dc.identifier.issn 1727-3781
dc.identifier.uri http://hdl.handle.net/10394/7242
dc.description.abstract Over the years, the South African retirement fund industry has experienced major regulatory changes. These changes were aimed at imposing a higher standard of governance on the boards of trustees governing various pension funds. As such, there has been a debate within the retirement fund industry as to whom the board, as the governing and managing body of the retirement fund, is accountable. South African courts and tribunals adjudicating pension fund related disputes and the retirement industry at large seem to share the view that the board of trustees is accountable to both the fund and its members. In that the board of trustees owes fiduciary duties to both the fund and its members, meaning that the board is required to act in the best interest of the fund and its members. However, in this paper I demonstrate that the boards of trustees of South African Pension Funds are accountable to and owe fiduciary duties only to the fund they serve and not members of those funds. Furthermore, I submit that at the very best the board owes a duty of good faith towards the members of the fund. In order to substantiate my submissions, I distinguish the legal position relating to trust law from the law relating to retirement funds in South Africa. en_US
dc.language.iso en en_US
dc.subject Retirement Fund en_US
dc.subject Board of Trustees en_US
dc.subject Best Interests of Members en_US
dc.subject Pension Fund Act en_US
dc.subject Fiduciary Duties en_US
dc.subject Trusts en_US
dc.title Do boards of trustees of South African retirement funds owe fiduciary duties to both the funds and fund members? The debate continues en_US
dc.type Article en_US


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