A number of Board Committees exist in order to assist the Board of Trustees in managing the EPPF’s affairs in a structured way.
Each committee operates within the ambit of its defined terms of reference and delegated authority as approved by the Board, which continues to review the performance and effectiveness of these committees on a regular basis.
The Board determines whether there is a need for committees focusing on specific areas of the EPPF’s activities, with the following Board Committees currently operational:
The Audit and Risk Committee (ARC) comprises six Board members. Meetings are attended by the External as well as the Internal Auditors, the Chief Executive, Chief Investment Officer, Chief Financial Officer and the Executive Manager: Risk and Compliance. Other members of staff attend by invitation. External and Internal Auditors have unrestricted access to the Chairman of the committee as well as to the Chairman of the Board.
The ARC is constituted as a Committee of the Board of Trustees and serves in an advisory capacity thereto. It assists the Board to discharge its duties relating to the safeguarding of EPPF assets, monitoring the operation of systems and controls, review of financial information and the preparation of annual financial statements which are provided to EPPF stakeholders and others. It reviews the activities of Internal Audit, the function of which has been outsourced. The ARC is also responsible for the evaluation of the independence, objectivity and effectiveness of the External and Internal Auditors, as well as for the review of accounting and auditing concerns identified by External and Internal Audit.
The ARC assumes the responsibility for the governance of the EPPF’s Information Technology and aligning it with the performance and sustainability objectives of the EPPF.
The Benefits Committee comprises six Board members. Meetings are normally attended by the Chief Executive, Executive Manager: Legal and Technical Services, Client Services Manager, Executive Manager: Retirement Fund Operations as well as other members of staff who are invited to attend meetings from time to time.
The Benefits Committee is delegated the authority to oversee and direct the retirement fund operations on behalf of the Board.
The Human Resources and Remuneration Committee (HRRC) comprises five Board members and one external expert, with the Chief Executive and Executive Manager: Human Resources in attendance.
The HRRC is responsible for:
The Strategic Investment Committee (SIC) comprises five Board members and four external experts. Meetings are attended by the Chief Executive, Chief Investment Officer, Investment Multi-Manager, Chief Financial Officer and Executive Manager: Risk and Compliance.
The SIC is chaired by the Board’s Chairman. The Strategic Investment Committee key responsibility is to attend to the investment affairs of the EPPF in accordance with the EPPF Rules and relevant statutory requirements, such as Regulation 28 of the Pension Funds Act No 24 of 1956.