Large funds like the Corporate Selection Suite of Umbrella Funds 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
Chairperson - Independent trustee
Erika was appointed in September 2013 and re-appointed in September 2016. She has served as the Chairperson since 1 December 2015.
Erika's experience comprises of:
- 10 years' experience as Independent Trustee
- 23 years' experience in the pensions industry
- Independent legal consultant to retirement funds and fiduciary services
Erika's qualifications include:
- BProc, Adv Dip Labour Law
- Adv Dip Pension Law
Michael was appointed in March 2016.
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 years of experience as a Trustee.
Michael's qualifications include:
Graham was appointed in May 2014 and re-appointed in May 2017.
Graham's experience comprises:
- Sponsor Trustee.
- 25 years' in the employee benefits industry.
- Divisional Director of Product Solutions for Liberty Corporate.
Graham's qualifications include:
- BSc in Actuarial science
- Associate Member of the Actuarial Society of South Africa
Chris was appointed in June 2014 and re-appointed in June 2017.
Chris's experience comprises:
- Developed and manages STANLIB Multi-Manager’s R8.5bn alternatives portfolio - an open ended fund aimed at offering investors simpler access to non-traditional assets including private markets and relative value strategies.
- Over the past 13 years he has fulfilled a variety of roles in investment strategy, solutions development and portfolio management in South Africa and the UK.
- Chris serves on various boards and investment committees including Liberty’s R30bn unlisted property portfolio and R30bn umbrella pension fund.
Chris's qualifications include:
- BSc Fin Math
- MBA (cum laude)
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).
Martin was appointed in February 2016.
Martin's experience comprises of:
- Over the last 25 years he distinguished himself in quite a few high profile positions he occupied in government as well as the corporate world at both local and international level.
- Has experience on the boards of other retirement funds.
- Former CEO of the South African Bureau of Standards.
- Bachelor of Arts
- Diploma in Nursing
David was appointed in July 2018.
David's experience comprises of:
- 18 years’ experience in structured investment products
- 4 years’ experience in retirement fund trustee education
- Independent trustee and chairperson of a beneficiary fund
Principal Executive Officer
Roger has over 30 years' experience spanning across employee benefits, remuneration practices and the retirement fund industry. He is a member of the following organisations:
Roger's experience comprises of:
- Batseta Council of Retirement Funds for South Africa
- Associate Principal Executive Officer (APEO)
- Member of the Insurance Institute of South Africa (IISA)
BTHRM IISA Programme in Retirement Fund Management Global Remuneration Professional (GRP ®) Certificate in Pension Funds Law
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.
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.
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.
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.
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.
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.
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.
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).