Old Mutual is pleased to announce that Nhlanhla Nene, the former Minister of Finance, has been appointed as the new Chairman of the Management Board (with effect from 1 July 2023) for Old Mutual SuperFund, South Africa’s largest umbrella pension fund with more than 500,000 members. Nene takes over from Bertie van Wyk who will be retiring from the Board on 30 June 2024.
As a former Minister of Finance, Nene brings a wealth of experience gained in policy formation for the broader financial services sector at a national level. In his new role as Chairman, Nene will be responsible for leading the Management Board, which is the governing body of the SuperFund. His main role will be to ensure that the Board functions effectively and that it fulfils its legal and ethical obligations.
With his insights into policy and regulatory thinking, Nene's appointment as Chairman places SuperFund in an excellent position to formulate appropriate strategies to remain sustainable and continue leading the market. It brings to nine the number of trustees on the SuperFund Board, seven of whom are independent.
Old Mutual Corporate Managing Director Prabashini Moodley says that as a competent and ethical leader, Nene’s reputation is unquestionable, and his values resonate with the SuperFund.
“Our clients tell us trust is the one word they associate with us most; it is a word in limited supply in our country. It matters even more when eight or nine people make critical decisions to enable long-term outcomes for over half a million members, with about R150-billion in assets, and in an industry still needing transformation.”
On the retirement of the former chairman, “I am grateful to the outgoing chairman, Bertie van Wyk, for his steadfast dedication and commitment to leading and managing the Management Board over the past 16 years. An excellent governance structure was established and the Fund has seen phenominal growth over the years with Bertie as chair, and he has always placed the interests of our members at the heart of all decisions,” says Moodley.
“Nene’s appointment is a testament to the Funds’ commitment to attracting top-level professionals with expertise in policy and regulation,” said Moodley. “As Old Mutual, we believe this industry exists for delivering member outcomes. Independent, knowledgeable and professional trustees are critical enablers of that goal. Nene adds something unique to an already strong team.”
“We are delighted to have someone of Nene’s experience and demonstrated good character on our board, and we are grateful that he chose to accept the appointment. Our leadership culture is purposeful, accountable, and independent-minded at its best. We are looking forward to his strategic contribution to the Board.”
“Trustees have very specific duties set out in legislation. The value Nene brings to the fund is his insights into the thinking at a policy and regulatory level to help the fund build more robust fund policies. We believe that his appointment will help the fund to continue to achieve its goals and objectives,” she says. Nene says joining the SuperFund Board allows him to contribute to improving the lives of employees from all walks of life.
“Few issues are as critical to the good of the people as financial freedom. Improving retirement outcomes promises a brighter future for South African workers and the country,” says Nene.
“Recognizing the inherent value of Old Mutual’s outstanding track record, their in-depth understanding of market requirements, and their professional team, prompted my decision to get on board. I look forward to working with the Old Mutual SuperFund Management Board to build on the fund’s strong foundations and deliver even better retirement outcomes for our members,” Nene Concludes.
Get the latest issue of FAnews