
2 minute read
Who manages your fund?
The board of trustees
The funds are both separate legal entities managed by a professional board of trustees. The board is accountable and responsible for the business of the fund. The board is committed to managing the fund honestly, fairly and with integrity. Board members act with due regard for their fiduciary duties and responsibilities, applicable laws, regulations, rules, codes of conduct, Treating Customers Fairly principles and other policies that apply to the fund.
This board of trustees decides on the benefit structures and investment portfolios that you or your employer management committee can choose from.
These are the people who are on the board of trustees:
Chairman Dr JP Fegbeutel
External trustees
(From outside Alexander Forbes)
Internal trustees
(From Alexander Forbes)
L Khangala Dr JP Fegbeutel
HR Hurd
L Munetsi
N Fakir
M Prinsloo
Specialist appointments supporting the board:
Independent principal officer
(Appointed by the trustees to manage the day-to-day affairs of the fund)
Monitoring person
(Appointed by the trustees to monitor the receipt of contributions by the fund and to report to the board on any breaches by employers)
N Zwane (appointed
1 March 2021)
W Wessels (appointed 1 April 2021)
Nazreen Fakir, who replaced Bonga Mokoena, is a senior finance business partner for Alexforbes. She has been with Alexforbes since 2015 and is a trustee on the following funds:
• Alexander Forbes Beneficiary Fund
• Alexander Forbes Trust and Let the Light Shine
Nazreen is a CA (SA) (QE2, ITC, CTA, Honors in Acc Sciences and a BCOM) and is currently doing her MBA. We believe Nazreen is a great replacement for Bonga. Her finance knowledge and expertise will ensure the funds’ finances and financials are in good hands.
Your employer management committee
Each participating employer in the fund must have an employer management committee. This management committee is responsible for making decisions regarding:
• Your employer’s benefit structure (contributions, approved risk benefits and investment portfolio selection) in the fund.
• Any matter that may be unique to your employer.
Fund governance
Ask your human resources department to find out who is on your management committee that interacts with the fund on your behalf.
Your employer management committee also has a specialist financial adviser (appointed by the employer) assisting them in managing your employer’s participation.
The fund is governed by the board of trustees and further, there are four sub-committees in place, namely:
Investment sub-committee:
The purpose of this committee is to review the investment strategy of the fund in collaboration with the fund’s asset consultant.
Communication sub-committee:
The purpose of this committee is to make sure the fund complies with all the communication requirements set out in:
• The Pension Funds Act
• The guidelines provided by the Financial Sector Conduct Authority (circulars PF86, PF90 and PF130)
• The Treating Customers Fairly (TCF) principles
The sub-committee also understands and promotes the Protection of Personal Information Act (POPIA) and the King IV Report on Corporate Governance.
These
Governance, audit, and risk sub-committee:
The purpose of this committee is to review and manage the fund’s governance, audit risk management framework and monitor the effectiveness of financial controls to safeguard the assets and integrity of the financial reporting.
Benefits sub-committee:
The purpose of this committee is to allocate death benefits and consider applications submitted by participating employers for deductions from members’ benefits and contentious divorce orders.
This committee has been given the right to make decisions and reports its activities to the board of trustees at each quarterly trustee meeting.