Board Committees

The Board has committees that execute certain tasks on behalf of the Board and such committees are outlined hereunder:

The purpose of the all Sub Committees are:

  • to carry out the responsibilities delegated to it by the board as described in this mandate
  • to carry out such investigative work and oversight responsibility relating to the dedicated purpose of the appointed committee of the fund as, within the cost parameters agreed with the board, furthers the governance purposes of the fund
  • to report at each board meeting on how the specific committee has exercised its responsibilities since the previous board meeting
  • to report to the board on any matter relating to the functions allocated to the specific committee of the fund as the committee may consider relevant for the board or which the board may have requested the committee to investigate.

Administration Sub Committee

The committee is responsible for identifying annually, or more frequently if required, such risks relating generally to the administration audit and actuarial aspects of the fund and specifically in respect of its responsibilities, as well as putting in place such risk management strategy as the committee considers appropriate. The committee must advise the board of this risk management process and also specifically when it becomes aware of any material risk to the fund which relates to the investments of that fund.

Committee Members

  • Jonnes Hlatshwayo
  • Steve Conradie

To read the Administration Sub Committee mandate click here

Claims Sub Committee

The board of the Fund has resolved to establish a committee in respect of matters relating to all claims, more specifically, however not limited to death, disability, funeral, withdrawal and retirement claims of the Fund.

The committee is responsible for:

  • To carry out the responsibilities delegated to it by the board as described in this mandate;
  • To carry out such investigative work relating to the claims of the fund as, within the cost parameters agreed with the board and furthers the governance purposes of the Fund;
  • To report at each board meeting on how the CLC has exercised its responsibilities since the previous board meeting;
  • To report to the board on any matter relating to the claims of the fund as the CLC may consider relevant for the board or which the board may have requested the CLC to investigate

Committee Members

  • Zithulise Mqadi
  • Sonnettee Lancaster

To read the Claims Sub Committee mandate click here

Communications Sub Committee

The responsibilities of the committee are:

  • to create and update from time to time a communication strategy and policy for the fund, for approval by the board
  • to propose to the board the appointment of such service provider/s to the fund as may be necessary to fulfill the communication requirements of the fund, and on terms proposed by the committee
  • to approve the pro-forma communications between the fund and the members on the occasions of joining and leaving the fund, as required by legislation and PF 86
  • to approve the pro-forma member benefit statements and accompanying documentation on an annual basis
  • to approve any annual report to members on the funds’ activities
  • to approve and monitor the website carrying the funds’ information to the members and other stakeholders of the fund
  • to approve any other communication between the fund and the members and other stakeholders of the fund
  • to manage areas of risk associated with the communication by the fund
  • to review and update on a regular basis the member booklet
  • to devise, arrange and conduct such road shows and in person meetings with stakeholders of the fund within such cost parameters agreed by the board
  • to implement such action relating to communication by the fund as the board may direct at any time

Committee Members

  • Steve Conradie

To read the Communications Sub Committee mandate click here

Investment Sub Committee

The responsibilities of the committee are:

  • to draft an investment policy statement (“IPS”) for the fund for the approval of the board of trustees
  • to recommend changes to the IPS whenever necessary
  • to investigate and recommend changes to the investment portfolios as set out in the IPS
  • to examine the recommendations of the fund’s investment consultant for the possible inclusion or removal of portfolios and if satisfactory, seeking board approval
  • to ensure that the necessary monitoring of the investment performance as stipulated in the PS is carried out at the appointed times, and that the results thereof are presented to the board
  • to monitor and advise the board of any proposed changes to the investment fees in respect of any of the investment offerings provided by the fund
  • to identify the risks associated with the investments, advising the board on how these should be managed, and managing this risk through appropriate monitoring mechanisms
  • to agree the performance benchmarks in respect of each investment portfolio
  • to negotiate the best interest rate with the fund’s bank
  • to exercise on behalf of the fund the active ownership rights relating to the fund’s investments
  • to ensure that the fund complies with the requirements of Regulation 28 and the SA Reserve Bank
  • to assess annually the appropriateness of the costs charged by the investment consultant, the fund’s bank, the custodian and each asset manager
  • to propose to the board a methodology for allocating fund return to each member share and contingency reserve account;

Committee Members

  • Wonga Mbawu
  • Paul Nephawe

To read the Investment Sub Committee mandate click here

Legal, Risk and Compliance Sub Committee

The responsibilities of the committee are:

  • to review, from a legal and compliance aspect, any contractual arrangement between the fund and any other party after the content of such contractual arrangement has been settled by any other sub-committee of the board, and reviewing from time to time at the request of any such sub-committee the legal and compliance aspect of any such contractual arrangement
  • to recommend the approval of, or to suggest any changes in connection with, any proposed amendment to any rule or special rule of the fund
  • to provide the board with advice in connection with any dispute with or complaint by any complainant, and if appropriate in the view of the L&C sub-committee to respond to any such complaint (including any response to the Pension Funds Adjudicator)
  • to represent the board in respect of any legal advice or assistance sought either from counsel or any other legal adviser subject to authorisation by the board
  • to advise the board in connection with any changes to the law affecting the fund as reported to the fund by the administrator or any other service provider
  • to facilitate the designing, implementing and monitoring of the process of risk management and the integrating of the risk management process into day-to-day activities of the fund, which will assist the fund to understand the applicability of the various pieces of legislation, regulations to it and PF Circulars
  • to oversee the compliance management processes of the fund as set out in the PSSPF Risk Management Framework
  • to ensure that the implementation of compliance risk management plans and the meeting of the specific requirements are monitored

Committee Member

  • Sonnettee Lancaster
  • Ntsikelelo Bizo

To read the Legal and Compliance Sub Committee mandate click here