PROGRAMME - Principal Officers Association

REMINDER: POA BREAKFAST SEMINAR
WHAT OUR STAKEHOLDERS ARE SAYING ABOUT
REINTRODUCING PRESCRIBED ASSETS
Vast quantities of capital are lying idle
Our people are crying out for real investment in communities
One way to address this misallocation of resources is the reintroduction of
legislated prescribed asset requirements
Zwelinzima Vavi
Cosatu General-Secretary
5 November 2008
DATE: 4 March 2009
TIME: 09:30 to 12:30 (Registration starts at 08:00)
VENUE: Hertford Hotel, Muldersdrift
RSVP: Jabu Mngxekeza
TEL NO: (011) 805 6340
E-MAIL:info@poa.org.za
FEES: POA members, POs and Trustees , free / Non-members
R350 pp
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PROGRAMME
Registration and breakfast from 08:00 to 09:30

09:30 to 09:40
Welcome
Anne-Marie D Alton, CEO, Principal Officers Association
09:40 to 10:00
Setting the scene : Prescribed Assets
Presenter: To be confirmed
Responses to Prescribed Assets followed by Questions and
Panel Discussion
10:00 to 11:30
Presenters: Romeo Makhubela, CIO (Metropolitan) and Jarred
Glansbeek, CEO (Riscura)
Facilitator: Allan Greenblo
11:30 to 11:45 Tea Break
11:45 to 12:25
The Revenue Laws Amendment Bill: Implementation
1 March 2009
Presenter: Nancy Andrews, Alexander Forbes Legal Services and
Head of the Pension Lawyers Association
12:25 to 12:30 Closure
MORE ABOUT THE CONTENT AND SPEAKERS
Responses to Prescribed Assets
Allan Greenblo facilitating
Response 1: Romeo Makhubela from Metropolitan Asset
Management
Romeo will give us a brief synopsis of the state of the global economy and the crisis we are
currently in. He will examine how prospects for economic growth have slowed over a
relatively short space in time, from robust growth, to current expectations of a recession,
or even worse.
Thereafter he will look at SRI investments, firstly from an international perspective. This
will cover how the SRI movement has grown over the years to become more of a
mainstream issue (from a niche area before). He will then look at how SRI assets have

performed in recent times, especially compared with other investments. The
presentation will cover certain characteristics of SRI assets and look at why these
investments would still be attractive in the current uncertain investment environment.
He will conclude the presentation by looking at ways to facilitate the growth of SRIs in
South Africa.
Romeo Makhubela
Romeo Makhubela has been Chief Investment Officer at Metropolitan Asset Managers
(MetAM) since January 2008. He holds a BCom degree and a post-graduate diploma in
Business Management.
Romeo is responsible for asset allocation and portfolio construction and directs MetAMs
investment strategy. He is also a member of the executive committee which oversees the
company’s strategic direction and financial performance. While at Stanlib, Romeo was a
senior portfolio manager who was involved in the establishment of the Multi-Asset
Franchise and the Core Equity Franchise. He also took care of portfolios for clients in
Namibia and Swaziland and was co-manager of the Stanlib Wealth Builder Fund.
Romeo has been in the industry for 11 years. In 2002 he was recognized by ABSIP (the
Association of Black Securities and Investment Professionals) as Top Black Portfolio
Manager in South Africa.
Response 2: Jarred Glansbeek from Riscura
A forced increase in SRI assets on a R3 trillion retirement industry will have a
significant impact on the markets, the SRI products available, and the asset
management industry as whole. For example, a 2% prescribed allocation would result
in R60 billion entering the SRI market which currently stands at R21.2 billion. Essentially
this translates into a tripling of assets in a sector that has a handful of focused
players and a limited product range in terms of risk and performance spread.
How will the asset management industry respond? What are some likely outcomes?
Jarred will look at how this forced allocation may affect the equity market and, in turn, a
pension funds existing investment strategy and portfolio and its equity investments.
He will consider the performance and risk implications of different SRI products and
determine whether there is scope for SRI products to meet the performance demands of
institutional investors while fulfilling set criteria. He will also discuss the role of private
equity in fulfilling SRI goals.
Implementing prescribed assets and evaluating the appropriate fit of a fund’s
investments for set SRI criteria could prove tricky. Jarred will discuss the complexities of
who will play judge and jury in evaluating a fund’s SRI allocation. He will also discuss
possible alternative criteria that could be used to evaluate an investment fit and
suggest ways to improve the SRI credentials of existing standard investments, such as
shareholder activism and corporate engagement.

Jarred Glansbeek
After graduating, Jarred joined RMB Asset Management in 1990 where he went on to
become an Executive Director responsible for the quantitative services of both FirstRand
asset management companies. In this role he took care of asset and risk management,
product development, instrument pricing and performance measurement.
After becoming disillusioned with the state of the advisory market in 1999, particularly as it
related to pension funds with complex liability profiles, Jarred set up Mercury Risk
Managers, which became Riscura after a management buyout in 2000. Riscura has since
become the largest asset and liability consultant in South Africa and is regarded as the
leading risk manager in the industry.
Jarred, now CEO of Riscura, has a wealth of experience and skill in the asset management
and retirement industries. He has substantial experience in quantitative portfolio
techniques and complex instruments, as well as in judgmental and active risk
management. His experience is now directed at ensuring that the institutional and
retirement clients of the company receive the best efforts and service from all their service
providers.
IRF Communication Challenge
IRF CEO, Ruwaida Kassim shares information about this year’s Communication
Challenge. If you believe your fund’s communication is above average, this
challenge might offer your fund the industry acknowledgement that it deserves.
Revenue Laws Amendment Bill: increased tax-free rebate,
former spouses and unclaimed benefits
Nancy Andrews
Nancy Andrews
Admitted attorney Nancy Andrews is a senior legal advisor at Alexander Forbes. She holds
a BProc degree from the University of KwaZulu-Natal and a Higher Diploma in Tax. Nancy
also holds post-graduate diplomas in Money Laundering Control, Compliance Management
and Interpretation, and Contract Drafting, as well as a certificate in Pensions Law. She is a
member of ILPA, and the current head of the Pension Lawyers’ Association (Northern
Region).
Nancy focused on claims and underwriting litigation in the life industry as well as pensions
law while at Liberty Life. She has practised exclusively in the field of employee benefits and
life insurance law for almost 12 years. In August 2006, Nancy joined Alexander Forbes
Legal Services as a senior legal advisor to further develop her expertise in pensions law.
Nancy is currently involved in various aspects of law, ranging from pensions and labour
through to contract, compliance and tax. She is a member of the IRF Legal-Technical

Committee and a trustee on a number of boards. Nancy is also the liquidator of several
funds.
Click here for the registration form and join us for an educational value-add
experience