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The UIF board communicates worries in the wake of Steinhoff outrage

The Unemployment Insurance Fund (UIF) Advisory Board has communicated worry over reports of conceivable misrepresentation and corporate administration disappointment at Steinhoff.

The Board with the advice of the Minister of Labor, Mildred Oliphant met with the Public Investment Corporation (PIC) on December 14, 2017, to talk about the Steinhoff fiasco.

“As the overseer of workers’ supports, the Board is of the view that blunder of organisation by the Steinhoff board and administration puts workers’ pension funds in danger and can’t go on without serious consequences,” the Board said

It is guaranteed that Steinhoff as of now utilises around 43 000 individuals locally, including whatever is left of the rest of the continent, who might be influenced by this lead.

“The UIF has put resources into this organization through the Public Investment Corporation (PIC).On December 15, 2017, UIF held 2.04 % shares in Steinhoff.

In spite of the way that the UIF’s unrealised misfortunes on December 6, 2017, remained at 0.4% of the aggregate UIF portfolio, the Advisory Board all things considered stays concerned.

PIC has affirmed that despite the fall in Steinhoff’s offers, the UIF portfolio is fit as a fiddle, given the expanded idea of the portfolio.

The Board said it bolsters and is happy with endeavors by the PIC.

It said among others  PIC incorporates an emphasis on the arrangement of no less than two autonomous non-official directors on Steinhoff.

The Board added that Steinhoff Africa Retail (STAR) sheets and portrayal on the Board Committee entrusted with researching the Steinhoff circumstance to guarantee that the procedure is straightforward.

The Board said it is sure that investigations by regulatory authorities, including the JSE, will be optimised in light of a legitimate concern for reestablishing trust in the administrative condition to avert further losses to workers’ funds and to ensure job security.

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