Appointment of Mr Olano Makhubela as acting Deputy Executive Officer for Retirement Funds

Mr Olano Makhubela.

The Minister of Finance has appointed a current member of the FSB Board and the National Treasury (NT), Mr Olano Makhubela, to fill the vacant position of Deputy Executive Officer (DEO) of Retirement Funds (in an acting capacity); in terms of section 13(1)(a) of the FSB Act. Mr Makhubela has relinquished both his Board and NT duties to take up his new post at the FSB. He will act in this position until the Financial Sector Conduct Authority (FSCA) is operational.

With the Financial Sector Regulation (FSR) Act now signed into law, Mr Makhubela’s appointment is effected to assist the FSB executive team to fully deliver on their mandate during the transitional period. His main responsibilities will be to, inter alia:

• Ensure that the necessary regulatory framework in respect of Retirement funds is in place to serve the FSB’s regulatory and supervisory responsibilities;
• Ensure that all registered Retirement funds under FSB supervision are compliant with sound corporate governance practices;
• Promote open, transparent and coordinated communications on matters pertinent to Retirement funds, with both internal and external stakeholders; and
• Ensure that the Retirement funds team at the FSB play a meaningful role in the implementation of South Africa’s broader macro-economic policies.

Mr Makhubela has been with the NT for 17 years, and for the last 8 years has been working mainly on FSB related matters. He has served on the FSB Board since 2010.