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| THE CORE BUSINESS OF MIBFA |
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| Metal Industries Benefit Fund Administrators (MIBFA): |
| The Board of Trustees has appointed as its agent, the "Metal Industries Benefit Fund Administrators (MIBFA)” to administer the Funds of Employers and Employees in the Steel and Engineering Industries. The Board is nevertheless accountable and ultimately responsible to the Registrar and Financial Services Board. |
| Metal Industries Benefit Funds Administrators (MIBFA) provides administration services for the following Funds: |
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- Engineering Industries Pension Fund
- Metal Industries Provident Fund
- Metal and Engineering Industries Permanent Disability Scheme
- Metal and Engineering Industries Bargaining Council Sick Pay Fund
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| The Board of Trustees: |
- In terms of the Pension Funds Act, members have the right to elect at least 50% of the Board Members.
- A Board of Trustees acts in a fiduciary capacity and should be familiar with and understand the laws that affect it.
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| The main fiduciary duties of the Trustees are to: |
- Give effect to the Rules of a Fund insofar as these do not conflict with the law.
- Take all reasonable steps to ensure that the interests of members in terms of the rules of the Fund and the provisions with the Pension Funds Act are protected at all times. i.e. during Amalgamations and transfers.
- Act in the best interest of all fund members in providing timeous, relevant and meaningful communication enabling members to make balanced and informed decisions.
- Ensure decisions made by the board comply with appropriate Fund procedures relating to decision-making that must be fully documented in the Rules.
- Ensure that the assets and contributions of the Fund are invested in accordance with the Rules or Investment Policy of the Fund.
- Act in good faith and avoid misleading and deceptive acts or representations.
- Act diligently and with due care with regards to all actions between the Fund and its members and customers.
- Act prudently and not assume risks without taking due account of the possible consequences.
- This includes maintaining adequate financial resources, including liquidity and maintaining effective risk management.
- Avoid conflict of interests and act impartially in respect of all members and beneficiaries.
- Ensure proper control systems are kept i.e. registers, books, records of the operations of the Funds, proper minutes of all resolutions passed by the board.
- Take all reasonable steps to ensure that contributions are paid timeously to the Fund in accordance with the Act.
- Obtain expert advice from actuaries and auditors. For this purpose MIBFA has included in its structure an Audit Committee and Investments Committee that includes independent professionals who provide advice and recommendations to the Trustees and to the Executive Management of MIBFA.
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| Appointment of a Principal Officer: |
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| Every registered Fund must have a Principal Officer who is the responsible official accountable to the Financial Services Board for submission of all statutory reports. |
| The Principal Officer is also responsible for: |
- Representing the Fund in a legal capacity.
- Responsible for implementing the instructions of the Board of Management.
- Will in conjunction with the Administrator, oversee the operations and performance of the Funds.
- Accountable to the Registrar and Financial Services Board for handling of all records and handling of complaints lodged with the Adjudicator.
- Maintaining minutes of Board meetings and distributing agendas.
- Although the Principal Officers of the Funds are employees of MIBFA, their responsibility is to the Trustees.
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