Fireworks Survey To Light Up Pension Fund Conference
The Institute of Retirement Funds Africa (IRFA) will reveal a best practice survey that analysts suggest could change the industry from business as usual, to pension and provident funds ensuring measurable performance and best practice governance.
The best practice survey is set to start the conversation at the Inkosi Albert Luthuli International Convention Centre in Durban at the IRFA annual conference, where fireworks will light up the venue when the full report of how the local retirement industry rates itself against critical assessment variables identified as best practices will be unveiled.
The Institute of Retirement Funds Africa’s (IRFA) research model developed in conjunction with Cohesion Communication, Research and Development led by Research partner Stephanie Griffiths followed an extensive literature search to determine best practices both locally and internationally. The critical measurement dimensions of the research model are fully compliant with the Financial Services Board -FSB Circular PF130 (that looks at governance of funds) as well as the recently released King IV report on corporate governance.
IRFA President Wayne Hiller-Van Rensburg said, “The research study will assist the provident and retirement industry to rise above itself and explore “blue sky” philosophies that can enhance and benefit our members and pensioners. In terms of overall ranking of the critical dimensions of the research model, current Investment Practices rate the highest by the local retirement industry, followed by Governance Practices, Financial Reporting, Stakeholder Communication Practices, Stakeholder Communication Processes and finally Trustee Development Practices.”
A sneak preview:
Best practice and measurable dimensions of good corporate governance for Pension and Provident Funds should include:
o Stakeholder communication (including surfacing and addressing reasonable expectations and needs)
o Financial reporting and full disclosure (to include policy and strategy for accountable and understandable reporting on Fund performance to all stakeholders.)
o Investment Practice (to include policy and benchmarks against which investment performance will be measured and the management and alleviation of risk.)
o Executive and Trustee Development (to include appraisal of both behavioural as well as professional/technical competencies, structured and regular induction and training processes and on-going learning opportunities.)
o Social responsibility and contribution
