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ARTICLE · 27 FEBRUARY 2011

Pension Fund Boards and the Principal Officer

Norton Rose Fulbright South Africa
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Added duties have been placed on the board of a pension fund regarding the appointment and termination of the principal officer. The board is required to review the fitness and propriety of its principal officer annually.

South AfricaMedia, Telecoms, IT, Entertainment
Owen Mokoena
Owen Mokoena

Added duties have been placed on the board of a pension fund regarding the appointment and termination of the principal officer. The board is required to review the fitness and propriety of its principal officer annually. The board will then be required to advise the Registrar of Pension Funds of its findings on the fitness and propriety of the principal officer. The Registrar will then make a decision whether to allow the principal officer to continue to hold office. If removed from office, the principal officer can challenge the removal.

When a new principal officer is appointed by the fund, the fund is required to appoint a person who is fit and proper and has the relevant qualifications and expertise for the office. This information must be submitted to the Registrar for consideration. The board and the appointee are required to furnish information that is considered to be important for the Registrar to make a decision on the appointment of the principal officer.

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