Our Board’s

sub-committees

Specialist committees steered by purpose-driven, skilled personnel ensure the best results.

The Investment Committee

The Investment Committee is responsible for all matters of investment. The purpose of the committee is to carry out investigative work and oversight responsibility relating to the investments of the Funds and to report to the Board on any matter relating to the investments of the Funds; to examine recommendations of the investment consultants; to oversee compliance of the investments of the Funds with the Investment Policy Statement, Regulation 28 and Reserve Bank requirements; and to assess and monitor performance to ensure the goals of the Funds are achieved.

INVESTMENT MANDATE 

The members of the IC comprise such persons as the Parties may from time to time determine, provided that there will be equal representation between Employers and Labour:-

3.1 – The representation of parties on the IC shall be the same as such representation on the Board;
3.4 – The appointment of Alternates or Proxies to act for or on behalf of subcommittee members is not permitted.

The Administration AND Communication Committee

The Administration and Communication Committee is responsible for all matters of administration, record keeping, pension benefit payments, etc. The purpose of the committee is to establish the terms of the Administration Agreement with service providers; to establish the terms of the contractual arrangements with the Funds’ auditor, actuary and any other service provider; to maintain and develop agreements; to propose to the Board a policy in respect of the expenses of trustees and any officer of the Funds; to review, with the assistance if necessary of an independent external adviser, all the information processes, operational software systems and accounting and financial reporting systems of the Funds’ administration; to investigate any actual, potential or perceived conflict of interest relating to the Funds’ administration, actuary, auditor or any other service provider.

ADMIN MANDATE

3.1 – there must always be at least 2 (two) trustees but no more than 6 (six) trustees on the ACC, represented by all employee and employer organisations; as well as one independent Board member;

The Claims Committee

The Claims Committee is responsible for examining and approving all claims for ill-health retirement, death and disability benefits, and for the establishing of beneficiaries’ distributions accounts for dependants when appropriate. The committee will also establish and review from time to time the administrative function, processes and relevant documents in relation to the death claim process; ill-health and disability claims process; beneficiary and dependant nomination forms to review any areas of risk concerning the matter of allocating and paying death and disability benefits and determining whether a member qualifies for ill-health retirement.

CLAIMS COMMITTEE MANDATE

3.1 – the number of trustees should be equal to the number of stakeholder parties to the MIFA Funds as well as the independent trustee. The Quorum at any meeting should be four members of the CC, including the alternates of any members who are not present at the meeting.

The Audit & Risk Committee

The Audit & Risk Committee was established in terms of the King report on Good Corporate Governance. This committee has appointed KPMG Auditors to carry out a specific internal audit programme with the emphasis on the security of our assets and the ensuring of compliance in all areas of administration and information technology. The committee assists the Board of Trustees of the Funds in fulfilling their oversight responsibilities for: the financial reporting process; the system of internal control; the audit process and the procedure for monitoring compliance with laws and regulations; carrying out investigative work relating to the risk and governance issues of the Funds; making recommendations on the appointment of accounting firms and to pre-approve all auditing services and non-audit services provided by the external auditors.

AUDIT & RISK MANDATE

The number of trustees should be equal to the number of stakeholder parties to the MIFA Funds as well as the independent trustee. The Quorum at any meeting should be four members of the A&R of which one member should be an independent trustee, including the alternates of any members who are not present at the meeting.

The Remuneration & Human Resources Committee

The Remuneration & Human Resources Committee is responsible for: salaries and related employment conditions; appointment and/or termination of services of senior management; staff training; staff complements; staff pension fund; staff medical aid; group accident insurance and other insurances for staff members; long service awards; overseas visits and attendance of seminars by staff and management. The committee oversees the review of all Human Resource policies; promotes the adherence of the Fund to its standards of ethical corporate behaviour; oversees Human Resource strategies, including organisational structuring; is responsible for the performance of the Funds’ administration, primarily on matters relating to staff, Human Resource development and employment, and succession planning.

REMUNERATION & HR MANDATE

The members of the RC comprise such persons as the Board may from time to time determine; provided that :-

3.1 – there must always be at least 2 (two) trustees but no more than 7 (seven) trustees on the RC represented by all employee and employer organisations;  as well as one independent Board member;

Legal & Compliance Committee

Legal & Compliance Committee reviews, from a legal and compliance aspect, any contractual arrangement between the Funds and any other party. The committee also: recommends the approval of, or suggests any changes, in connection with any proposed amendment to any rule; reviews the rules, policies and related documents in line with the Treating Customers Fairly Outcomes; provides the Board with advice in connection with any dispute with, or complaint by, any complainant (including responses to the Pension Funds Adjudicator); represents the Board in respect of any legal advice or assistance sought either from counsel or any other legal adviser; advises the Board of changes to the law affecting the Fund; formulates a compliance management plan and manages the risk that the Funds may not comply with any legislative or regulatory requirement by obtaining and assessing a certificate of compliance from the relevant service providers.

LEGAL & COMPLIANCE MANDATE

The members of the L&C subcommittee comprise such persons as the Board may from time to time determine;  provided that :-

3.1 – there must always be at least 4 (four) trustees on the L&C subcommittee;

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