Legal & Industry Update August 2026

This edition summarises the Responsible Investment in South Africa report, commissioned by the Principles for Responsible Investment, analysed by Krutham and supported by the FSCA. The report highlights a material gap between policy commitments and practical oversight by retirement funds.

Regulatory implications

Regulation 28 requires boards to consider material environmental, social and governance factors in the sustainable long-term performance of fund assets. FSCA Guidance Notice 1 of 2019 expects sustainability considerations to be incorporated into the Investment Policy Statement and addressed in annual reporting. CRISA 2 and King V reinforce stewardship, climate risk oversight and responsible ownership, although implementation remains largely dependent on each fund’s governance and capacity.

Axiomatic’s advice and guidance

  • Boards should focus less on adding policy language and more on demonstrating that policies are implemented, monitored and evidenced.
  • Investment mandates should include measurable ESG expectations, climate risk reporting requirements and clear escalation procedures where managers do not meet agreed standards.
  • Funds should introduce periodic independent assessment of asset manager performance rather than relying only on self-reporting.
  • Trustees and principal officers should receive targeted training so that they can challenge managers and advisers effectively. Where resources are limited, responsibility should still be formally assigned to a named committee or accountable officeholder
  • An immediate gap assessment against Regulation 28, FSCA Guidance Notice 1 of 2019 and CRISA 2 would help the board identify priorities, assign owners and establish a documented improvement plan. Funds should also begin preparing for the possibility of more prescriptive, ISSB-aligned disclosure requirements.
  • Funds should define their own responsible investment philosophy, reporting framework and risk appetite before delegating implementation to managers or consultants.

Need help aligning your fund with ESG governance standards?

Navigating evolving regulations like Regulation 28, FSCA Guidance Notice 1 of 2019, and CRISA 2 requires clear strategy and practical implementation. Our team of specialists can conduct a full gap assessment, refine your investment mandates, and set up independent monitoring frameworks to safeguard your fund’s long-term performance.

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