DWP Pensions and South Africa
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I found The Times’ front-page article “DWP Pension Managers Reject South Africa Divestiture” interesting. A group has finally rejected the pressure of a few on how to handle retirement funds.
I respect Vincent J. Foley, Department of Water and Power retirement fund president, and his statement that “the board takes their fiduciary responsibilities very seriously and we don’t want politics to interfere with that.”
With 10,500 employees and 8,000 retired employees, great care must be taken on how a board handles funds entrusted to them. The stock market is such a speculative area, it’s difficult to justify having such a high percentage of funds invested there.
MAHLON R. BRADEN
Tujunga
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