Corporate Governance

Corporate Governance

We subscribe to the governance principles from the Code of Corporate Practices in the King Report on Corporate Governance for South Africa.

The Corporate Governance Framework ensures that the Board plays a leading role in the strategic guidance of the EPPF and the effective monitoring of management.

Board Committees

Board Committees exist to assist the Board of Trustees in managing EPPF’s affairs in a structured way.


Each committee operates within its defined terms of reference and delegated authority as approved by the Board. The Board reviews the performance and effectiveness of these committees on a regular basis.

Audit and Risk Committee

The Audit and Risk Committee (ARC) has four Board members and one Independent Expert. Meetings are attended by  external and internal auditors, the Chief Executive & Principal Officer, the Chief Investment Officer, the Chief Financial Officer, the Executive: Governance and Assurance and the Executive of Information Technology. Other members of staff attend by invitation to present and discuss critical matters as subject matter experts. External and internal auditors have unrestricted access to the Chairperson of the committee as well as to the Chairman of the Board.
 The ARC has an independent role with direct accountability to the Board. The role of the Committee is to provide oversight of the effectiveness of the Fund’s financial controls and risk management activities. It assists the Board with: 

  • Monitoring the effectiveness of systems and internal controls
  • Monitoring the financial performance and financial soundness of the Fund
  • Oversight on Financial reporting and the Integrated Annual Report
  • Oversight on the activities of Internal and External Auditors, including evaluating their independence, objectivity, and effectiveness.
  • Monitoring the effectiveness of the Fund’s Risk Management Strategy. 
  • Oversight on the governance of EPPF’s Information Technology 

Benefits Committee

The Membership and Benefits Committee has five Board members. Meetings are also attended by the Chief Executive/Principal Officer, the Executive of Governance and Assurance, the Executive of Pension Administration and other members of Fund Management. 

The role of the Committee is to: 

  • Oversee membership and benefit matters in accordance with the Rules of the Fund, the Pension Funds Act and all other applicable laws
  • Oversee the investigation of death benefit claims
  • Approve the distribution of such benefits in terms of Section 37C of the Pension Funds Act.

Human Resources and Remuneration Committee

The Human Resources and Remuneration Committee (HRRC) has four Board members and one Independent Expert, with the Chief Executive & Principal Officer and Executive of Human Capital in attendance. 

The HRRC is responsible for:

  • Influencing and approving human resource policies and strategies 
  • Monitoring compliance with all relevant legislation, statutory requirements, and best corporate practices
  • Determining Executive Management remuneration and the remuneration policy framework and making recommendations to the Board in this regard
  • Ensuring the Executive Management remuneration policy and practice is in line with the best corporate practices.

Strategic Investment Committee

The Strategic Investment Committee (SIC) has five board members and four external experts. Meetings are attended by the Chief Executive & Principal Officer, the Chief Investment Officer, Investment Multi-Manager, Chief Financial Officer, and Executive of Governance and Assurance.

The SIC is chaired by the Board’s Chairman. The Strategic Investment Committee’s key responsibility is to attend to the investment affairs of EPPF in accordance with EPPF Rules and relevant statutory requirements, such as Regulation 28 of the Pension Funds Act No. 24 of 1956.

Social Ethics and Communications Committee

The Social Ethics and Communications Committee (SECC) has five board members, including the Chairman. Meetings are attended by the Chief Executive & Principal Officer, Executive of Pension Administration, Executive of Governance and Assurance, the Head of Communications and other members of staff by invitation.

 

The Social Ethics and Communications Committee is responsible for:

  • Overseeing the review of communication policies and strategy
  • Overseeing the implementation of the Fund’s communication strategy and activities
  • Considering management’s reports on communication with stakeholders
  • Reviewing press releases on Board matters and identifying matters for action
  • Considering any ad hoc communication issues referred to it by the Board or committees.

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