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FSLGAB - IMPACT ON TRUSTEES
BILL
In general
• Protection of savings
• It places a new obligations and duties on retirement fund
trustees
FSLGAB – IMPACT ON TRUSTEES
SECTION 7A – BOARD OF THE FUND
• Composition – comply with the rules
• Vacancies – filled within 30 days
• Trustees – prescribed skills & training
6 months from appointment
Retain the level of skill throughout
• Removal of Board – other than expiry of term
21 days report perceived reasons for the removal
Report to the Registrar
• Whistle blowing – Trustee must report matter to the Registrar
FSLGAB – IMPACT ON TRUSTEES
SECTION C – OBJECT OF THE FUND
• Board members
Act independently
Comply with prescribed requirements
FSLGAB- IMPACT ON TRUSTEES
SECTION C – DUITES OF THE BOARD
• Registrar – may precribe
Disclosure to members
Communincation to members
• Board (if rules allow) – delegate its duties to
Another person
Group of persons
Committee of the Board
Presentation name
NEW – SECTION F
Provision – potential exemption of a Board member from joint &
several liability
In the event of litigation against the Fund
Where the Board member is found to have acted
Independently
Honestly
Reasonably in the discharge of his/her duties
FSLGAB – IMPACT ON TRUSTEES
All these additions add to the wide range of fund matters a
Trustee is required to have a working knowledge and
understanding of the following:
FSLGAB- IMPACT ON TRUSTEES
• Statutory & common law duties of retirement fund Trustees
• Law of persons
• Law of contract
• Good governance guidelines – Circular PF 130
Summarises statute &
Common law
• Prudential investment guidelines as per Regulation 28
• Accounting knowledge – sign off audited financials.
• Whistle blowing on material matters complex – require
guidelines on what is material