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Preliminary List of Candidates 2018
GEPF PENSIONER MEMBER TRUSTEE ELECTIONS

PRELIMINARY LIST OF CANDIDATES - 16 JANUARY 2018

Below is a Preliminary List of Candidates for the GEPF Pensioner Member election for objection purposes. Objections must be submitted in writing to the Returning Officer via the following:

FAX: 086 428 1356 | EMAIL: elections@gepf.co.za

THE CLOSING DATE FOR OBJECTIONS IS 21:00 ON 19 JANUARY 2018

1 BUSO LUTHANDO GILBERT

2 CHABALALA RISIMATI WILLIE

3 CHUEU MACHA SAMUEL

4 CURRIE MADELIEF

5 DAVIS STANLEY

6 DE VILLIERS DANIEL JOHANNES

7 DE WIT ANDRIES LOURENS

8 FERGUSON MALCOLM GRANT

9 HECKROODT DR ANNETIA SOPHIA

10 LE ROUX, DR FRANS FRANCOIS

11 MABOYE MOSIDI MIRRIAM

12 MACHETHE MPEDI ALPHEUS

13 MAGAELA MAMPURU ELIAS

14 MAHOLWANA KUTALA EMELINE

15 MBOKAZI SIMON ZWELIBANZI

16 MENONG MORAOLE ISRAEL

17 MONTJANE LESIBA DAVID

18 MOTIANG MMUTLE JOHANNES

19 MQAMKANA SAMSON MPHAKANYANA

20 MUNASUR AMICHAND

21 NAICKER NIRANJANI

22 NEL FREDERICK

23 NGOETJANA VINCENT MANARE

24 ROJI OLYMPIA NOKWANDA

25 ROMIJN GYSBERTUS HENDRIK ERNEST

26 SAMBO ALBERT VIKIMPI

27 SEABI MAUDU JOHANNES

28 SERFONTEIN GIDEON JOHANNES

29 SHABANGU, BRIG HARRY

30 SIFUNDZA MHLABA STEVE

31 STRAUSS HENDRIK HERMIAS

32 THOMPSON ISA

33 VAN EYK MULDER

34 WATSON ESTHER BARBARA

35 WIID ANTON JOHANNES
PIC/GEPF statement following a meeting on Steinhoff
The Investment Committee of the Government Employees Pension Fund (GEPF) and the Public Investment Corporation (PIC) held a meeting yesterday to discuss the recent developments regarding Steinhoff. It is important to note that notwithstanding the collapse in the Steinhoff share, the GEPF portfolio remains financially healthy, because of its diversified nature. It is also important to note that GEPF members’ benefits will not be changed by these developments, given that the GEPF is a defined benefit pension fund. The investment loss recorded was 0.6% of the total GEPF portfolio on 6 December 2017. Despite the fall in Steinhoff share, the total GEPF equity portfolio had created a value of approximately R140 billion over the preceding 12 month period, and had performed better than the equity benchmark. Albeit a relatively small reduction in the total portfolio, and despite the signs of recovery in the share price this week, the PIC and GEPF remain deeply concerned about Steinhoff.

GEPF and PIC agree that the recent developments point to serious governance challenges at Steinhoff and that the following steps are necessary to secure the GEPF’s interest in the company:

1. GEPF and PIC will insist on the appointment of at least two independent non-executive directors on the Steinhoff and Steinhoff Africa Retail (STAR) boards.

2. GEPF and PIC will highlight their discomfort with the lack of independence of the Board, including the possible conflict of interest by Dr Christo Wiese as interim Chief Executive Officer. Furthermore, the GEPF and PIC will express their concern about the Steinhoff Audit Committee concluding the terms of reference of the investigations independently.

3. GEPF and PIC will insist on representation on the Board Committee tasked with investigating the Steinhoff situation, so as to ensure that the process is transparent and that, amongst other matters, the terms of reference address critical governance issues.

The GEPF and PIC believe that now, more than ever, the Steinhoff matter makes a case for the need to rotate auditors and long-serving board members in investee companies, an issue that the PIC has continuously raised.

The PIC would like to state that it has engaged with Steinhoff consistently but has often not received positive feedback from the company. Specifically, the PIC has previously pointed out structural issues relating to the material shareholding of the Steinhoff and Wiese families, which are perceived to create the dominance of controlling shareholder representatives on the Board and as a result, potential conflicts of interest.

The PIC has also raised concerns about the absence of a clear assessment of the risks introduced by the Steinhoff group’s acquisitive strategy as the company has become progressively complex.

Whilst the PIC has tried to use its position as a major shareholder to vote against some of the resolutions tabled at Steinhoff annual general meetings, the reality is that the PIC is only one amongst many shareholders who have voted differently on certain resolutions.

The PIC, on behalf of the GEPF will continue to raise environmental, social and governance issues in all its investee companies for the benefit of their stakeholders.

End….
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GEPF will host a roadshow in Sharpeville (Gauteng) on Saturday, 25 November 2017
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GEPF will host a roadshow in Free State (Kroonstad) on 24 February 2018.
Preliminary List of Candidates 2018
PIC/GEPF statement following a meeting on Steinhoff
STATEMENT: GEPF position on Steinhoff shareholding
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