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Your trustees


Large funds like the Corporate Selection umbrella fund benefit from professional Independent trustees. They are professional trustees with a vast amount of experience and knowledge of retirement funds. They also serve on the boards of other retirement funds and add value through the experience they have gained when dealing with similar issues faced by other boards.

 

Meet your trustees
 

Erika Nieuwoudt

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Chairperson - Independent trustee

 

Erika's experience comprises:

  • 25 years' experience as an Independent trustee
  • Independent legal consultant to retirement funds and fiduciary services             

Erika's qualifications include:

  • BProc, Adv Dip labour law
  • Adv Dip pension law

Michael Clifford

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Sponsor trustee

 

Michael's experience comprises:

  • 26 years' experience in employee benefits.
  • Deep understanding of the business having filled management roles in administration, training, marketing, customer relationship management and customer experience.
  • He sits on a number of retirement funds.
  • He has more than 9 year experience as a trustee.

Michael's qualifications include:

  • Dip ETDP (UJ)

Maemili Ramataboe

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Independent trustee

Maemili’s experience comprises:

  • 8 years' Principal officer experience
  • Independent trustee of other funds
  • Audit Committee Member of various Public Sector entities
  • Chairperson of HSRC risk committee
  • Member of Council of Tshwane University of Technology
  • Former Principal officer of GEPF
  • Former Corporate treasurer Lesotho Highlands Water Project & SAPREF
  • Currently acts as Pension Governance consultant

Maemili’s qualifications include:

  • Chartered accountant (Lesotho)
  • MBA (UOFS)
  • Accredited Associate of IIB International

Graham Thomas

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Sponsor trustee

 

Graham's experience comprises:

  • Sponsor trustee
  • 22 years' in the EB industry
  • Associate member of the Actuarial Society of South Africa
  • Head of Risk Product Solutions for Liberty Corporate

Graham's qualifications include:

  • BSc in Actuarial science

Chris Roelofse

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Sponsor trustee

 

Chris's experience comprises:

  • More than 9 years' experience in the financial services industry
  • Investment analyst and consultant
  • Strategy design and implementation
  • Currently working on balance sheet optimisation within the Liberty Group

Chris's qualifications include:

  • Chartered financial analyst (CFA)
  • MBA, Certified financial planner (CFP)

Michael Norris

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Sponsor trustee

 

Michael was appointed on May 2017

His experience comprises of:

  • 16 years' in the life insurance industry
  • Being on the boards of other retirement and medical aid funds
  • Being a Chief Financial Officer for Liberty Corporate
  • Chartered Accountant (South Africa)

 

Role of the trustees

The funds are managed by a Board of Management. The Board appoints a Principal executive officer who, together with his support staff, is responsible for the day-to-day running of the funds. The trustees are responsible for all the decisions made in the funds and have to ensure that members' and beneficiaries' interests are protected at all times. They are all suitably qualified individuals, and they have access to retirement industry experts and specialists where necessary.

The Board of Management consists of eight trustees. Four of them are fully independent of the funds' sponsor, Liberty Group, while the other four are sponsor-appointed from senior management. They meet regularly to discuss investments, benefits and administrative matters regarding the fund, in addition to the many meetings of the sub-committees.

There are numerous duties imposed by law on trustees. Some of the duties include the following:

  • Take all reasonable steps to ensure that the interest of members in terms of the rules and provisions of the Pension Funds Act are protected at all times.

  • Act with due diligence and good faith

  • Avoid conflict of interest

  • Act with impartiality in respect of all members and beneficiaries

  • Trustees must ensure that proper registers, books and records of the operation of the fund are kept, which include proper minutes of resolutions passed by the board.

  • Trustees must ensure the fund employs proper control systems

  • Trustees must ensure that adequate and proper information is communicated to members of the fund informing them of their rights, benefits and duties in terms of the rules of the fund.

  • The trustees must obtain expert advice on matters where they lack sufficient knowledge

  • The trustees must ensure that the rules, operation and administration of the fund comply with current legislation, including Pension Funds and the Financial Institutions (Investment of Funds) Acts.

 

Board sub-committees

The board has six sub-committees that provide advice and guidance to the full board. The work of these sub-committees provides direct input to the quarterly board meetings.

 

Investment sub-committee

The Board of Management appointed an Investment sub-committee to direct and oversee the investments of the funds. The Investment sub-committee makes recommendations to the board regarding the appointment of the funds' investment consultant and managers, as well as investment strategy.

Chris Roelofse

 

Committee member

 

 

Administration sub-committee

Efficient administration is key to the successful operation of the funds. This sub-committee is tasked with reviewing the administration agreement with Liberty Corporate annually and reporting back to the board on all issues relating to the administration of the funds.

 

Erika Nieuwoudt

 

Vacant Position

 

 

Audit and risk sub-committee

This sub-committee advises the board on the funds' finances as well as the risk policy of the funds. It is a requirement of the board that the funds' auditors, PriceWaterhouseCoopers, attend all Audit and risk sub-committee meetings.

 

Maemili Ramataboe

 

Audit & Risk

Sub-committee Chair

Chris Roelofse 

 

Erika Nieuwoudt

 

 

 

Communication sub-committee

This sub-committee reviews all communications between the funds, members and employers. The sub-committee works closely with the fund sponsor in developing and implementing the funds' communication strategy.

 

Vacant position

 

Graham Thomas

 

Chris Roelofse 

 

 

 

Legal sub-committee

The Legal sub-committee acts as an advisory body to the board on legal matters affecting the fund and regularly reviews the documents and policies of the funds. This sub-committee also ensures that all practices adopted by the fund sponsor are in line with the rules of the funds and complies with FAIS requirements.

 

Erika Nieuwoudt 

 

Legal

Sub-committee Chair

Maemili Ramataboe

 

 

Graham Thomas

 

 

 

 

 

Death claims sub-committee

This sub-committee considers all death claims, and provides advice to the board on the distribution of death benefits (based on Section 37(C) of the Pension Funds Act).

Erika Nieuwoudt 

 

Maemili Ramataboe

 

Vacant Position

 

 

 

 

1.2.4. Board mandate

The board mandate outlines the roles and responsibilities of the board of trustees.

Corporate Selection umbrella fund board mandate

 




 

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Liberty Group Limited - an Authorised Financial Services Provider in terms of the FAIS Act (Licence no 2409)​
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