The Principal Officer and outgoing trustees will oversee the elections or they may appoint a qualified person to do so.
Each participating employer must appoint one member to attend to fund business.
The trustees may receive limited remuneration if agreed by the board.
The trustees will elect a Chairperson from their ranks to lead the meetings.
The trustees will meet at least two (2) x a year and nine (9) x trustees and the independent trustee will form the quorum.
The trustees will appoint a Principal Officer, an Auditor, a Valuator, a Monitoring Person, an administrator, an insurer and a consultant. The appointment of the Auditor, Valuator and Principal Officer must be approved by the Financial Services Board. They also appoint other professionals to assist with their fiduciary duties.
However, even though the trustees appoint the service providers they are still fully responsible for the management of the fund.
The Board members are named in the annual member newsletter each year.
The trustees are charged with a fiduciary duty to act with utmost good faith for the benefit of all the members.
In terms of the Pension Funds Act, a board of trustees must control and manage the fund within the framework of the various laws and principles governing the fund and will be held accountable.
It is the objective of the board of trustees to fulfil its obligations keeping the following in mind: