From mineworker to NUM boss and now GEPF chair - we talk to Frans Baleni about his fascinating life and career

Frans Baleni, board chairperson of the Government Employees Pension Fund, joins Stephen Grootes for an in-depth interview on The Money Show.

When the Government Employees Pension Fund (GEPF) announced the appointment of Frans Baleni as board chairperson in December 2024, it highlighted his 'strategic vision and vast experience' would be instrumental in guiding the Fund towards its objectives.

He brings both political and governance experience to the role at a time when the GEPF has a funding level before contingency reserves of 119% (March 2024) and is managing trillions in assets through the Public Investment Corporation (PIC).

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Baleni entered the world of board rooms first as General Secretary of the National Union of Mineworkers (NUM), of which he was a founding member in 1982.

He recalls how he became a miner at the age of 19 during a period of extreme political upheaval, by accident.

"My schooling was disrupted by the energy of 1976 and I was advised by my close comrades that the safest place might be Welkom where there's a gold mine... and of course I'd lost my academic performance bursary."

Frans Baleni, Chair - Government Employees Pension Fund

The requirement then was that you must weigh at least 50 kg, and older people advised him to have a loaf of bread and milk and not to go to the toilet before he got on the scale, Baleni chuckles.

The person he replaced as NUM General Secretary was none other than now-President Cyril Ramaphosa, whom the union was persuaded to let go by Nelson Mandela at the time.

"Coming off the energy of a student who was fighting for some form of rights, getting into mines when black workers weren't unionised... it was a burning thing that we don't have a union when we heard a man who was a lawyer by training was starting one, and we became involved in recruitment. In no time we ended up being the fastest growing union on the continent."

Frans Baleni, Chair - Government Employees Pension Fund

"During the 21-day strike of 1987, 50,000 mine workers were dismissed including myself, before I was reinstated... We did not get any additional increase, but we got for the first time a retirement fund - a provident fund that now is worth over R60-70 billion."

Frans Baleni, Chair - Government Employees Pension Fund

Baleni bemoans the trend of unions splintering since that period, which he says weakens the labour movement.

"It's unfortunate that it has become splinters and splinters and splinters, and is no longer that force which was highly respected by both the employers and government."

Frans Baleni, Chair - Government Employees Pension Fund

Baleni says the union prepared him for the work he was to do later, noting how people like Ramaphosa and Gwede Mantashe encouraged them to study, and to learn in general.

"I started to serve on a board while I was still in NUM; I served on the Eskom electricity council then, which later became a board. I served at the University of Johannesburg as a council member for 15 years, and by the time I was on my own I got a number of invitations to serve on boards."

Frans Baleni, Chair - Government Employees Pension Fund

The leadership skills he learned in the labor movement, especially serving the interest of others, has been extremely useful in his career, Baleni says.

He notes that South Africa's GEPF is the largest pension fund on the African continent, with an unaudited value of over R2.7 trillion and audited, R2.3 trillion.

Dealing with the money of so many people, he says his role as chair is to ensure that nothing goes wrong.

"This is the money of over 1.7 million active members and pensioners and therefore anybody who provides service to those members must really be aware that this involves their life savings."

Frans Baleni, Chair - Government Employees Pension Fund

"The owners of this money are number one to us - remember there are those who are active, those already getting benefits, those who are widows or widowers getting some form of compensation and also the children of these pensioners... We have a very good team both in terms of management and active trustees; I am fortunate to serve with a collective of this nature."

Frans Baleni, Chair - Government Employees Pension Fund

Scroll up to the audio player to hear more about Baleni's fascinating life and career