“Pension funds are looking abroad to the UK stock exchange and the German stock exchange,” she told delegates at the second-annual pension funds in CEE conference in Prague.According to her, OFEs currently hold 40% of Polish shares and 26% of free-floating shares – a figure she said would change in the near future.She added that the reform was having an impact on overseas investors that were now less likely to invest in companies listed at the region’s largest stock exchange.As a result, Rusewicz said the Warsaw exchange was dealing with “stagnation”, and that the question remained over what would step into the role previously played by OFEs in assisting the government with the privatisation of formerly state-owned assets.For his part, Lucian Anghel, chief executive of Romania’s BCR Pensii, accepted that all Central and Eastern European pension funds were facing the “huge” domestic bias risk.But he said it was a risk managers needed to take into consideration, given that governments often had the choice between keeping taxes low or maintaining the mandatory systems and increasing taxes.“If we are not showing commitment to Romania, then we are facing a bigger problem than volatility risk and market risk, or exposure to the country,” he said.Asked to explain why Romania’s small but growing pensions sector, estimated at €4.3bn, was more than 90% invested domestically, he said it was “a free choice, but a guided free choice”.“We were more exposed outside Romania before we saw what happened in Hungary and Poland,” he said. Poland’s pension funds are looking to increase their overseas equity holdings over concerns a continued domestic bias could cause problems with liquidity.The move to diversify comes after the private pension funds (OFEs) were stripped of around half their assets as the Polish government transferred all sovereign debt holdings to the state Social Insurance Institutions (ZUS).The reform, now subject to a class action suit, also saw the pillar barred from investing in domestic sovereign debt, with minimum 75% exposure to equities.Małgorzata Rusewicz, president of the Polish Chamber of Pension Funds, said the reform was having a negative impact on the Warsaw Stock Exchange despite the high minimum threshold.
Head coach of Kumasi Asante Kotoko, Maxwell Konadu, has disclosed that preparing for games in Ghana go beyond tactics to include the referees’ performances.According to the former Black Stars B head coach, tactics can amount to nothing if you do not factor in all the other things that influence results in Ghana.Konadu won the Ghana Premier League with Kotoko in 2012 during his first stint with the Porcupine Warriors and rejoined in December 2019 for a second spell.In an interview on Happy FM and GTV Sports+, he said planning for a game in Ghana is different, unlike in Europe.It is different when planning to play a game in Africa, you need to factor in a lot of things unlike in Europe. When Barcelona is going to play a match anywhere, they have a set system and it doesn’t change to suit anyone.But in Ghana, when playing away, you know very well you are playing at a place like Tamale, you cannot go and play whatever system you want to play.You have to factor in the angle of the referees and a lot more in during your preparations to make sure you at least run away with a draw and if you get a slim win, you thank God. That is what makes our work difficult as coaches in Ghana..When quizzed by William Graham on clarifying what he meant by factoring in referees in his pre-match preparations, Konadu said the match officials ought to improve a lot more although there has been significant growth as the league restarted in December.I am one person I have never spoken against referees in a post-match press conference. No matter how pushed I am, I don’t comment on referees.However, I am saying they are performing so well this season and they need to improve upon it too. All this will help us coaches play out our tactics well in a match. If that is really corrected, the game will be better. This is my honest opinion.