Clarity is key to ensuring compliance in a strictly regulated industry
The extent of the delegation of responsibilities and the defined limits of authority for each sub-committee and of the Principal Officer are clearly defined in the Policy document issued and regularly reviewed by the Board of Trustees.
The operation of the Funds is the responsibility of MIFA (Pty) Ltd, which is led by the COO / CFO who reports to the Board of Trustees and its appropriate sub-committees.
The Administrator, MIFA (Pty) Ltd, (now MIRF) has some 50 employees organised in appropriate departments. Considerable emphasis is placed on the training and development of all staff as we aim to meet every requirement for equal opportunity and personal advancement.
The Principal Officer attends to all the legal requirements of the Funds. All necessary actuarial valuations are obtained and reported to the Council and the Funds concerned. The company also submits the required annual reports on all Funds to the Financial Services Conduct Authority (FSCA) and complies with all the requirements of that body.
The Board consistently follows an investment strategy of risk diversification. Equity and fixed interest investments are accordingly contracted externally in line with the Asset Liability Model approved by the Board.
The maximum permissible level of investments per asset class has been mandated in accordance with the risk diversification strategy.
Each of the asset management companies and their relative performances are monitored and evaluated quarterly in conjunction with our external actuaries and consultants, with half-yearly presentations received from each of the portfolio managers. Where considered necessary for any reason, changes in the appointment of asset managers will be made.