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APPOINTMENT OF AN INDEPENDENT TRUSTEE

Dec 4, 2020

APPOINTMENT OF AN INDEPENDENT TRUSTEE TO SERVE ON THE BOARDS OF MANAGEMENT OF THE AUTO WORKERS’ PROVIDENT FUND; MOTOR INDUSTRY PROVIDENT FUND; MOTOR INDUSTRY PENSION FUND (2005) AND THE MOTOR INDUSTRY BENEFICIARY FUND (‘the Funds’)

Issue date: 4 December 2020
Closing date and time for applications: 17h00 on 15 January 2021

Applications must be accompanied by the following documents:

  1. A cover letter
  2. A comprehensive curriculum vitae
  3. Contactable character references from at least two persons who have worked with the applicant
  4. Certified copies of all qualifications
  5. Certified copy of completion of the Trustee Toolkit
  6. Affidavit confirming that the applicant is fit and proper to be a trustee
  7. Police clearance certificate or proof of application from the South African Police Services (receipt)

Background and role

The Funds are part of the Motor Industry Retirement Funds and the two largest funds in the stable of five funds are so-called bargaining council funds, established in terms of the collective agreement in the Motor Industry Bargaining Council. They are registered retirement funds in terms of the Pension Funds Act, 1956 and operate as separate legal entities from the bargaining council and participating organisations. The total fund membership at present is over 270 000 active members and total assets under management are approximately R36 billion. Trustees are remunerated by the Funds and are paid a market-related fee for participation in board, sub-committee and other Fund work that they may be required to participate in.

The Funds’ rules prescribe the composition of the Board of Management (‘Board’) of the Funds, which requires that there be two independent trustees on the Board. There is currently a vacancy on the Board for an independent trustee.

Requirements for the position

The candidate must meet the following minimum requirements:

  1. at least a post-graduate university degree in Commerce or Law;
  2. at least ten years’ direct and hands-on experience in the retirement funds industry at a sufficiently senior level to intricately understand the requirements of managing, controlling and overseeing the operations of a retirement fund;
  3. must satisfy all fit and proper requirements for a trustee of a retirement fund;
  4. the person must be independent of all and any parties to the Funds, the bargaining council or any service providers to the Funds;
  5. must demonstrate knowledge and experience in the latest developments in the retirement funds and financial services sector;
  6. must demonstrate high level skills in problem-solving, communication and ability to understand complex matters; and
  7. must demonstrate the capacity and ability to spend sufficient time on fund business.

Applications must include all the required information to be considered for the position and must be received on or before the closing date and time. The Funds will shortlist candidates who they consider best fit the role advertised and will conduct interviews with the shortlisted candidates and then select the successful candidate for the position.

Please send completed applications by electronic mail to the Principal Officer of the Funds, Mr Radesh Maharaj, at radesh@mirf.co.za and all enquiries must also be directed to him. His mobile number is 0845101072.

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