"Trustees of retirement funds have a duty to represent the interests of the members of those funds!" That is the message from Johann Grobler, managing director of Absa Consultants and Actuaries, as he called for greater knowledge-transfer within the industry.
Speaking to trustees and service providers at an Absa Actuaries and Consultants Client Conference in Midrand today, Grobler told delegates, new product developments, legislative changes and increased demand for flexibility by fund-members made the duties of trustees increasingly complex.
"But by acquiring greater knowledge, they will be better equipped to represent fund-members interests," he said.
"Trustee-education is vital to achieving optimal corporate governance," Grobler said. "It must be seen as an ongoing process."
He called on delegates to do all in their power to transfer knowledge that empowers the members of retirement funds. "In South Africa retirement fund members come from diverse backgrounds with varied levels of qualification and experience," he said. "Consequently, the challenge is to ensure the true transfer of knowledge rather than simply distributing information.
"While few South Africans are prepared for retirement, even fewer fund-trustees are properly equipped to manage retirement funds.
"If fund-members' interests are to be properly represented it is absolutely vital trustees continually acquire knowledge," Grobler says.