POA joins Batseta Council

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This follows after members of the Principal Officers Association (POA) have voted overwhelmingly in favour of transformation at a Special General Meeting held in Sandton, Johannesburg last week.

Labour federations Cosatu, Fedusa and Nactu began the initiative in consultation with government and this was extended to include the POA. The conversion of the POA into the Batseta Council for Retirement Funds of SA heralds a new era for the retirement fund industry in South Africa.

"The new entity will be well-positioned to lobby and negotiate on behalf of the industry, given its inclusive nature," said Cosatu benefits co-ordinator and chairperson of the working committee, Isaac Ramputa. "Our function will be to promote the highest levels of fund governance and guide the industry into a post reform era. We have consciously excluded service providers from membership of Batseta, given the high risk of a conflict of interests: this body will serve the funds interests solely."

Protection of interests

"With South African Qualifications Authority recognition, we will stimulate lifelong learning and the maintenance of professional standards for retirement fund fiduciaries," said Anne-Marie D'Alton, CEO of the POA. "Through enriched knowledge, continuous professional development and ensuring ethical practices, the interests of retirement fund members will be protected. Beyond that, the acquisition of skills will enhance the professional credibility and status of the fiduciaries."

The POA members certainly agree with these sentiments, with 92% voting in favour of the formation of Batseta and only 4% voting against and 4% abstaining. Industry regulator, the Financial Services Board, has welcomed the formation of Batseta, as has National Treasury.

An interim board is to be selected to guide Batseta through its initial stages and an interim board will be established on 7 March 2014. A formal launch is set to take place at the Batseta conference in June.