Governance of the CPUT retirement fund
In the same way, as a company needs directors to run it, a Fund needs Trustees to run it. The Trustees’ duties are similar to those of a company board of directors – they are put in a position of trust. The duties centre around protecting the interests of the Fund’s members.
The Board of Trustees governs the Fund. In this section you can find out more about:
- Who the Trustees are, what their responsibility is and how they are elected.
- Details of the Committees of the Board.
- Who the statutory officer bearers of the Fund are.
The Trustees
In this section, the following is dealt with:
- How the Trustees are elected and appointed
- The duties of the Trustees
- Profile of the current Trustees
How the Trustees are elected and appointed
The Fund has 10 Trustees, 5 of whom are elected by the members/ employees and 5 of whom are appointed by the Employer.
The member elected Trustees serve for a period of 3 years. The current member Trustees will hold office until 2020 at which time an election will be held.
The duties of the Trustees
The Trustees have a fiduciary duty to act in the best interests of the Fund and in a manner that is consistent with the Fund’s Rules.
More importantly, this means that in making decisions the Trustees must consider the best interests of the Fund and its membership and not the interests of any particular stakeholder group. The Board meets four times each year to consider matters.
Profile of current Trustees
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N Qomoyi |
Employer appointed trustee Email: quomoyin@cput.ac.za |
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Msulwa Daca
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Employer appointed trustee Email: dacam@cput.ac.za |
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J Corns |
Employer appointed trustee Email: cornsj@cput.ac.za |
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P Sotshononda |
Employer appointed trustee Email: sotshonondap@cput.ac.za |
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C Nhlapo |
Employer appointed trustee Email: nhlapoc@cput.ac.za |
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P Chibvuri |
Member elected trustee Email: chibvurip@cput.ac.za |
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M Aziz |
Member elected trustee Email: azizm@cput.ac.za |
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D Dlamini |
Member elected trustee Email: dlaminid@cput.ac.za |
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A Neethling |
Member elected trustee Email: neethlinga@cput.ac.za |
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C Bezuidenhout |
Member elected trustee Email: bezuidenhoutc@cput.ac.za |
Committees
A committee is a working forum tasked with considering strategic matters and to assist the Board in the implementation of strategy. It is advisory in nature and answerable only to the Board of Trustees.
The Fund currently has 2 standing committees, namely the:
- Finance, Investment and Audit Committee
- Benefits and Administration Committee
The committees only have the authority to make recommendations to the full Board of Trustees. In certain circumstances the Board may delegate decision-making authority to the relevant Committee.
Finance, Investment and Audit Committee
The Finance, Investment and Audit Committee meet four times a year to consider matters relating to the investment of assets, review of investment and financial information, risk management, actuarial and financial reporting and contracts with asset managers. It also serves as the Audit Committee in reviewing the annual statements of the Fund.
Benefits and Administration Committee
The Benefits and Administration Committee also meet four times a year to consider matters relating mainly to the benefits and administration of the Fund, compliance with the rules and legislation, member communication and contracts with suppliers other than asset managers.
The Committee also considers the apportionment of death benefit lump sum payments in terms of section 37C of the Pension Funds Act and makes appropriate recommendations to the board.
Office bearers
The office bearers are statutory appointments in terms of the Pension Funds Act.
The current office bearers of the Fund are:
- Principal Officer: Ms R Davids
- Actuary: G Base of Willis Towers Watson
- Auditors: Price Waterhouse Coopers
