Africa’s biggest pension fund expects to cut the amount of money it allocates to a division of South Africa’s Public Investment Corporation (PIC) that has to date helped it fulfill some of its environment, social and governance aspirations. South Africa’s Government Employees Pension Fund (GEPF) allowed a R70-billion allocation agreement with the PIC, the continent’s largest fund manager, to lapse in March and is now negotiating a new mandate. That, according to GEPF Head of Investments Sifiso Sibiya, will include “the introduction of more consequence management” for poor investment decisions.
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