Q&A’s, 2007

NATIONAL ASSEMBLY
QUESTIONS FOR WRITTEN REPLY
IQP: 24-2007

Question 1163

Mr K J Minnie (DA) to ask the Minister for Public Enterprises:

(1) Whether, since Transnet’s corporatisation in 1990, past and present trustees of Transnet pension funds were ever subjected to any requirements with respect to personal liability for unjustifiable losses of the pension fund, particularly with regard to recklessness, wastefulness, gross negligence or dishonest conduct; if so, what are the relevant details;

(2) whether, since Transnet’s corporatisation in 1990, any evidence suggesting possible recklessness, wastefulness, gross negligence or dishonest conduct on the part of Transnet pension fund trustees have come to light; if so,

(3) whether any charges have been laid; if not, why not; if so, what are the elevant details;

(4) whether Circular PF 130 issued by the Financial Services Board, setting out the obligations of trustees, is currently being applied by Transnet in respect of the trustees of its pension funds; if not, why not? N1626E

Reply

(1) No trustees of the Transnet pension funds have been subjected to requirements with respect to personal liability for unjustifiable losses of the pension fund.

(2) No evidence suggesting possible recklessness, wastefulness, gross negligence or dishonest conduct on the part of the trustees has come to light.

(3) Follows from above.

(4) TPF is not subjected to Circular PF130 as it is constituted under a separate Act. Nevertheless the Trustees are cognisant of its provisions and would ensure its provisions are taken account of. Transnet does not have jurisdiction over the fund as it is an independent entity constituted under the Transnet Pension Fund Act.