Bar­loworld af­ter­math

Finweek English Edition - - The main stories this week -

WHAT HAP­PENED| IN THE wake of Bar­loworld’s con­tro­ver­sial and dra­matic AGM where War­ren Clewlow bowed out as chair­man and ap­pointed the com­pany’s first black ex­ec­u­tive di­rec­tor and chair­man, un­der pres­sure from the PIC, re­porters have taken the PIC to task on its lack of a de­fined in­vest­ment pol­icy and whether or not it’s ap­pro­pri­ate for a pen­sion funds ad­min­is­tra­tor to in­dulge in so­cial or po­lit­i­cal ac­tivism.

WHAT THE OTH­ERS SAID BUSI­NESS DAY wrote: “…the PIC’s po­si­tion on Bar­loworld was flagged early and was well-war­ranted, what­ever the furtive whis­pers at the coun­try clubs might sug­gest.” An­other writer in the same pa­per said: “A nar­row in­ter­pre­ta­tion of pen­sion fund man­date is un­help­ful. Max­imis­ing re­turns should be a key ob­jec­tive of the PIC but crit­i­cal is­sues that threaten the very ex­is­tence of peo­ple should also re­ceive at­ten­tion.”

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