Reports to the Board of Trustees on evidence that:

• The operations are being conducted in accordance with the objectives of the Fund.
• Risks are appropriately managed.
• The financial statements of the Fund reflect the underlying operations thereof.
• All assets, liabilities and provisions are appropriately recorded.

To achieve this, this committee has drawn together four sets of assurances – those of management, the internal audit function, the external auditors and the actuaries, based on their accountabilities.

Appointed by the Board to monitor and report on investment managers of the Fund. Main Responsibilities:

• Review and recommend and overall investment policy for approval by the Board of Trustees.
• Review in the investment policy regularly.
• Ensure that the Fund’s investment policy is implemented.
• Select and appoint consultants, investment managers and custodians.
• Approve and investment mandate for each investment manager, including an appropriate benchmark for performance measurement purposes.

The objectives of the committee are to:

• Recommend to the Board of Trustees appropriate remuneration for executives and staff.
• Ensure that the right calibre of management and staff members are attracted and retained.
• Recommend remuneration to trustees.

In performing its duties, the Committee takes local and national remuneration levels and trends into account. The Fund has committed itself to fair employment policies and practices as defined in applicable labour legislation in general and in the Employment Equity Act, No 55 of 1998 in particular. The Fund encourages career growth for previously disadvantaged groups of employees through its training, development and education programme. Career growth, in turn, contributes to the Fund’s overall business objectives. The Human Resources and Remuneration Committee plays an integral part in succession planning, especially for the Chief Executive Officer and executive management. The Fund has submitted its employment equity report in accordance with legislation.

The Claims Committee is responsible for considering

• disability benefit applications in terms of the Rules of the Fund; and
• death benefit lump sum allocation amounts in terms of section 37C of the Pension Funds Act, No 24 of 1956.

The Nominations Committee considers and reviews the capacitation of the Board and Sub-Committees, and all other related matters, ensuring an appropriate balance of expertise across these structures.