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Masthead appoints new Chairman

03 March 2008 Masthead

Masthead, South Africa’s largest support network for Independent Brokers, announced this week the appointment of Phil Mnisi (pictured right) as Non-Executive Independent Chairman.

Mnisi is the first independent Chairman of Masthead Distribution Services (Pty) Ltd, an organisation listing the industry’s top providers among its Shareholders and Product Partners, including Old Mutual, Metropolitan Odyssey, Sanlam, Liberty Life, Metropolitan Life and Auto & General. His appointment follows the resignation of Mike Harper, who is also the Managing Director of Old Mutual Retail Affluent, Old Mutual South Africa.

“Masthead has taken the opportunity to further emphasise its commitment to transformation, which is crucial to the development of a stable, growth-oriented economy,” says Peter Dempsey, Managing Director of Masthead. With Mnisi’s appointment, 40 percent of Masthead’s Board is now black and Masthead is proud to be leading the way in their market place. The other Directors are: Mike Harper, Peter Dempsey, Colin Taggart and Sivi Chetty.

Mnisi held the position of Chief Executive Officer of the Institute of Bankers in South Africa (IOB) before recently joining Absa as Head of Group Talent Management. He has extensive management experience gained in commercial banks and development financial institutions in South Africa and Swaziland, as well as an impressive academic track record.

Furthermore, he has served as an Executive Board member of the IOB, member of the governing council of the South African Reserve Bank College and is also the Non-Executive Chairman of BSSM Legal and Financial Services, as well as a member of the Institute of Directors in Southern Africa (IoD). Broad exposure to financial and human resource development facets within the banking world has made Mnisi a popular speaker at national and international conferences.

“I am hugely excited about taking up the position and look forward to playing a key role in Masthead’s future as we continue our unwavering support of Independent Brokers,” says Mnisi. “Masthead has a great role to fulfill and our vision for the success of the Independent Broker will benefit our Members, Shareholders, Product Partners and, ultimately, the customer.”

Masthead has developed into a national organisation since its launch in October 2004 and currently has 2 933 Members. It has the tools and means in place to assist brokers and their practices to ensure that customers can deal with accredited professionals who can deliver independent financial advice. Some of the service offerings include Practice Management, Compliance, Product Marketing and educational and networking opportunities. Masthead also has established relationships with the Regulators in the financial services industry to provide input on proposed changes to legislation.

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