Application of governance principles
The Fund is committed to the highest level of corporate governance, maintains a firm focus on upholding the highest standards of corporate governance and is fully committed to the principles and practices that are contained in the Financial Sector Conduct Authority (FSCA) Pension Fund Circular No.130 (PF130), other codes such as the Code for Responsible Investing in South Africa (CRISA) and King IV.
Good corporate governance requires continuous review of processes, systems and documents for relevance, effectiveness and compliance. To this end the Fund maintains its focus on continuous business improvement and optimising the assurance obtained from internal and external assurance providers. This assurance is provided in accordance with a combined assurance model providing for the review of the Fund’s system of internal control and risk management, including the design, implementation and effectiveness of internal financial controls.
In terms of the application of the principles and practices contained in King IV, the Fund undertook a comprehensive review and analysis of its existing governance practices against each of the King IV principles and associated practices, taking account of the guidance provided by the Sector Supplement for Retirement Funds. Click on the link below to view the Fund’s King IV Application Report, explaining the Fund’s application or not with regard to each of the principles and associated practices:
Terms of Reference
- Actuarial Committee Terms of Reference
- Audit and Risk Committee Terms of Reference
- Communication and Education Committee Terms of Reference
- Death Benefits Committee Terms of Reference
- Disciplinary Committee Terms of Reference
- Ill Health Board Committee Terms of Reference
- Investment Committee Terms of Reference
- Remuneration Committee Terms of Reference