Dear Standing Committee on Finance,

1. The most recent interaction of SCOF with National Treasury, PIC, Sekunjalo Group & Mr Maponya on 17 March 2021 refers.

2. That SCOF is following up on the Mpati report is much appreciated by people like myself ( a GEPF pensioner with a vested interest in the GEPF, who is the asset owner of the majority of investments that judge MPATI dealt with in his comprehensive report)

3. With due cognisance of SCOF's workload, attending to the Mpati report and matters arising obviously will place a strain on available time.

4. Is there perhaps a schedule which deals with the priority recommendations (and cases) of Mpati ?

IF SO - is it possible to make it public so that interested parties can perhaps assist SCOF with submissions before such meetings?

Then I have a concern regarding the process followed in dealing with the Mpati Commission Report

5. WHY IS THE GEPF TRUSTEES ABSENT WHEN ITS INVESTMENTS ARE DISCUSSED?
I do have a concern regarding the absence of the Trustees of the GEPF at the SCOF sessions dealing with the MPATI report.

The reason why I ask this is because in the Laws that creates the legal framework for Public Finances (ie. PFMA and MFMA) there is a well established principle that requires the Accounting Officer (or Accounting Authority) to be present and available to answer questions posed during oversight sessions.

In terms of the GEPlaw, the accountability for the FUNDS assets/liabilities is vested in the Trustees. Although the PIC and Treasury plays an important role (as Asset manager and overseeing department) the accountability for the ASSETS remains with the Trustees.


By all means obtain the comments from the PIC (the main focus of the Mpati report) BUT in the end, the Trustees should be able to provide SCOF with proper feedback as to their own actions to not only safeguard the Assets of the Fund but also what they are doing themselves to minimise the implied losses as per the Mpati report.

Surely SCOF should be interested in obtaining clarity on the latter as it pertains to the GEPF?

I look forward to your response.

Regards

Christo van Dyk
East London