The Registrar of Pension Funds published a draft Directive in terms of the Prohibition of Inducement and Acceptance of Gratification.
The Directive aims to ensure compliance with and to prevent contraventions of the objectives of a Board, as determined in terms of section 7C of the Pension Funds Act. The purpose is to allow the Registrar to impose consequences to combat and prevent bribery and corrupt conduct by administrators, service providers to a retirement fund, auditors, principal officers or board members.