The Financial Services Board (FSB) has actually commended the efforts of the South African Retirement Funds Industry in ensuring that fund trustees are much better equipped to discharge their responsibilities.Speaking in Durban the other day
on the side-lines of the 2016 conference of the Institute of Retirement Funds Africa(IRFA), Head of Prudential Supervision in the pensions department of the FSB, Wilma Mokupo, stated it was encouraging that the market was taking a look at global finest practice when it concerns the work of trustees.A research study
commissioned previously this year by the IRFA, and supported in terms of research study modelling and survey administration by the FSB, has been type in evaluating the perceptions of trustees and getting the market to rate itself in terms of fund governance and its various subsets. The research study, undertaken by an independent research study specialist to guarantee neutrality, was co-sponsored by the SABC Pension Fund.Speaking earlier on a panel looking at the results of the
research study, Ms Mokupo said the research study showed that trustees require more training on board assessment, supplier choice, and organisation ethics."Trustee training is part of excellent governance and trustees
have to have the right abilities and an ethical compass to be able to make excellent choices for their funds, in the interests of beneficiaries. The FSB will continue to deal with industry in providing the guidelines for minimum training to be obtained and retained by trustees "Mokupo stated the FSB was getting terrific feedback from trustees on the online toolkit the regulator released a couple of years earlier. The FSB is now waiting for approval southern African Certification Authority for the National Trustee Credentials, which is set to be a ground-breaking relocation, one of the very first such certifications worldwide." The goal is to have the trustee toolkit certified so it can be thought about for recommended learning for trustees. We will also require recognized trainers and company to administer the training. There are a number exciting developments ahead, "stated Mokupo.