THE GOVERNANCE OF RETIREMENT FUNDS IN MEMBERS RIGHTS AND TRUSTEES DUTIES IN SOUTH AFRICA: A LESSON LEARNT FROM USA, UK AND MALAWI

Purpose: The article looks at the member' rights and trustees duties and determines where should the emphasis be as it often happens that these two aspects often clash. Research Design, Data and Methodology: It is determined in this article whether the trustees owe fiduciary duties to both the fund and members and further determines whether the trustees should advance the interests of the members. Results: The article further looks at the governance of the retirement funds and argues that the proper governance of these funds protects the interest of the members. The duty to disclosure of information to members is of paramount importance to ensure that members are able to make well informed decisions. Conclusion: The article considers the issues of disclosure of information from other countries, United Kingdom, United States and Malawi. It is argued in this article that trustees must be persons who are trustworthy and have the best interest of the members at heart and must therefore familiarize themselves with the laws that regulate their duties.