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The Principal O ficers Association of South Africa Annual Report 2008/2009
Contents
Page numbers
Report from our Chairperson 1
Message from our CEO 3
Meet our Board 4
Meet our Secretariat 4
POA Activities 5
• Summer Tutorials 5
• Seminars 5
• Winter Conference 6
• Women’s Day Celebrations 7
• Imbasa Yegolide Awards 7
Toolkits developed by the POA 8
Financials 9
Agenda: Sixth Annual General Meeting 11
Minutes: Fifth Annual General Meeting 12
Corporate sponsorships 2007 and 2008 14
Corporate sponsorships 2009 and 2010 14
2010 Highlights - Book these dates and support your organisation
Event Date (2010)
Summer Tutorials
15 & 16 February
Submit Imbasa Yegolide Nominations 26 February
Seminars (first quarter)
2,3,4 and 5 March
Winter Conference
31 May and 1 June
Imbasa Yegolide Awards
31 May
Women’s Day Celebration
20 August
Joint Venture with PLA
27 October
Contact Us
Principal Officers Association, Tel: (011) 805 6340, Fax: (011) 805 2388
Email: info@poa.org.za / ceo@poa.org.za
www.poa.org.za

Report from our
Chairperson
The 2008/2009 financial
year mainly focused on institutional
building and membership
growth. These activities
refer to the POA goals to
recruit, develop and retain members
as well as to focus our skills, resources
and experience for the benefit
of our members.
In my Chairperson’s Report presented at the previous AGM I elaborated
extensively on our performance for the period ending 31 December
2008. We have broadened our membership base, extended
our board from 8 to 10 members, increased the establishment of the
Secretariat, moved office, secured sponsorships for 2009/2010 and
hosted 20 well-attended events.
An important event during 2008 was the amendment of Section 8 of
the Pension Funds Act, whereby all Principal Officers of retirement funds
must be deemed as “fit and proper” by the Registrar of Pension Funds.
Considering that Principal Officers occupy such important positions that
can affect the long-term savings of so many people, we welcomed the
strengthening of legislation which affects the employment of Principal Officers
throughout South Africa. We have developed guidelines to facilitate
a smooth implementation, and these guidelines have been well received
and used by a number of funds.
Relationship management
We have spent time on strengthening our relationships with the authorities
and other industry bodies. This resulted in a positive outcome for
our members. Officials of the Office of the Pension Funds Adjudicator
made a presentation on the implementation of the Score Card. Also, the
Financial Services Board and SARS participated at the annual Winter
Conference. Our Women’s Day event was supported by the Industrial
Relations Association of South Africa (IRasa), the Institute of Retirement
Funds (IRF) and the Pension Lawyers’ Association (PLA).
Profile of Principal Officers
From 1 January 2009 to 31 December 2009, the POA actively
pursued the goal of contributing towards the recognition
of the profession of the Principal Officer. As part of our
drive to raise the profile of Principal Officers, the POA
Board has launched an initiative that we believe will
emphasize the governance aspects of relationship
management between the Principal Officer,
trustees and the fund’s service providers.
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We’ve entered into a joint venture with Global Pensions in the United Kingdom
to reward service providers who render a service to retirement funds. Where the
service provider gives excellent service, Principal Officers can nominate that service
provider, if they believe the provider is worthy of receiving an Award. We held a
highly successful inaugural Imbasa Yegolide Awards at Birchwood Conference Centre
in June 2009. “Imbasa Yegolide” means “golden trophy” in Xhosa.
Challenges
Although I am pleased with the growth of the POA membership base and its influence,
it remains one of the key challenges to mobilize Principal Officers and trustees on a
national basis. I would like to thank sincerely those who have introduced eligible colleagues
and friends. Another challenge is to find innovative ways to communicate more
effectively. Our website is but one way in which we endeavour to do so.
The Future
Professionalization of the Principal Officer occupation is foremost on our agenda. Professionalization
is about standards, attitudes and behaviour. Professionals have a certain
minimum level of academic training, are usually registered with a professional
body and are bound by its code of ethics. I fully support the Board’s view that Principal
Officers operate within an environment where professionalization is not only
required, but has come to be expected.
Sponsorships
I would like to extend a heartfelt thank you to our Corporate Sponsors for their
financial contribution and general support. The POA has embarked on a tremendous
growth path and your investment has been a great support in attaining this
milestone.
Matters arising
Let me also take the opportunity to address some of the issues raised at our
previous AGM. A request was made to the Chairperson and the Board of Directors
that the Articles be amended at the next AGM to give effect that Directors
must be present at the AGM before nominations or elections could take
place. This matter was thoroughly discussed. The Board has resolved that
such a measure is impractical and not common practice. However, directors
will be encouraged to be present. The Board will be increased to 12 members
during 2010 and you can look forward to communication about this
soon. The Articles of Association will be scrutinized and aligned to comply
with the new Companies Act to be promulgated later this year.
Certain members reported that they did not receive the notice or the financial
statements. I have arranged that copies be placed on the website
and that hard copies are made available at the AGM.
Thank you
Please let me express a big thank you to the POA Board, as well as the
Secretariat under the leadership of Anne-Marie D’Alton, for their support
and dedication to serve the POA and the industry at large.
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Message from our
CEO
Vice Chairperson
Meet our Board
Now more than ever
the role of the POA is
to empower the Principal
Officer to deal with
his or her challenges effectively
and competently.
Because these challenges are
becoming more and more complex,
grooming the Principal Officer
for the profession is now top of
the POA agenda.
You will notice that due to the earlier change of our financial year,
our reporting year has been delayed. We hope to catch up in the near
future. I want our reporting however, to stay as current as possible
and will therefore share some of the highlights of the 2009 financial
year and other important developments. I hope you enjoy reading
about them.
MJ Ramataboe
Director
P Mayne
Director
AS Crawford
Chairperson
MW Kirima
DV Meyer
Director
HJ Verster
GGW Hughes
Director
The year under review has been tremendously exciting and enjoyable; I
think it is fair to say it was one in which the POA achieved new heights.
With the support of our sponsors, I hope we have given our members
and the industry a taste of things to come. The Imbasa Yegolide
Awards was a first for the POA and a first for South Africa. This was a
personal highlight. It placed Principal Officers quite squarely on the industry
map by giving them an opportunity to make their voices heard.
As we move forward, I’d like to see those Principal Officers become
world-class professionals.
I would like to take this opportunity to say thank you to all our
members. Your support of our organization means a lot to me, and
I believe it sends a positive message about the POA to the rest
of the industry. I would like to thank the POA Board for all their
guidance and support during the year. In particular I would
like to thank Wanjiru Kirima – Chairperson of the Board – for
her commitment to the profession of the Principal Officer
in South Africa and her willing support that I relied on
so often during the year. To the Secretariat, Christo
Snyman, Lucretia Mosing and Jabu Mngxekeza, you
are an amazing team. Thank you for your positive
attitude and hard work.
Let’s make 2010 a year of greatness.
3
Peter Zibi
Director*
* The following directors resigned at the end of 2009:
Bonga Mokoena and Peter Zibi
CEO
Anne-Marie
D’Alton
ED Erasmus
Director
MS de Klerk
Director
Meet our Secretariat
4
Bonga Mokoena
Director*
Christo Snyman Lucretia Mosing Jabu Mngxekeza
Marketing and Finance and Personal Assistant
Research Manager Administration Manager and Secretary
L Khangala
Director

POA Activities
We had a successful events year in 2009 with
three sets of quarterly seminars taking place.
There were also the Summer Tutorials in February,
the Winter Conference and Imbasa Yegolide
Awards in June, the Women’s Day event in August
and a joint venture with the Pension Lawyers’ Association
in October.
Summer Tutorials
As usual, our Summer Tutorials took place in February of each
year, and we did workshops on PF 130, performance management,
conflict management and dispute resolution. Our facilitators
made use of case studies that were based on actual cases
that had come before the tribunal of the Pension Funds Adjudicator.
cash management, to name a few. We are extremely pleased to
have had the FSB present at the Johannesburg, Cape Town and Port Elizabeth
seminars. The FSB talked to us about risk-based supervision and compliance
visits. We were addressed by Corlia Buitendag and Matome Thulare. We were
also able to include entertainment for the Johannesburg, Durban and Cape Town
events in the form of a group game called “Who wants to be a millionaire”.
Winter Conference
Our Winter Conferences take place in June of each year. The global financial crisis
has forever changed the way we do business. Internationally we live in uncertain
financial times; locally we’ll be facing reform processes in the not-too-distant
future. The challenge facing us now is one of how to act as responsible fund
officials in the face of so much uncertainty. Our conference was appropriately
themed Prudence and Vigilance now more than ever. It was designed to help
delegates through the tricky legal and financial terrain that lies ahead. We examined
issues such as whether an umbrella arrangement is the most appropriate
financial vehicle for your fund, how you should approach costs and how to
manage your fund’s risk optimally.
We did our usual Summit TV session – this time on service delivery within the
industry – and for the first time we had a session on Boardroom Discussions.
Here the FSB addressed a smaller group of about 20 people on issues the
delegates wanted to talk about.
Seminars
Our first seminars for 2009 took place in March in Cape Town, Durban
and Johannesburg where we discussed a rather controversial
topic, namely prescribed assets and socially responsible investing.
Our main sponsors for the event were Metropolitan and RisCura.
Our second seminars were held in September and the main sponsors
were Momentum, Stanlib and OMIGSA. Here we examined
the consequences of disability for a member of a retirement
fund, as well as living annuities and the different kinds of
funding vehicles available for members about to retire. We
also had an investment topic.
The final seminars were held in November – this
was our year-end function – and here the main
sponsors were NMG, Taquanta and SIM. We
examined a six-step approach to dealing
with death claims as well as enhanced
The following comments represent the general feeling from the delegates
as well as sponsors:
Best thing about the venue:
• Close to the airport
• Exhibition designed for maximum exposure
Worst thing about the venue:
• Food was a bit bland
Best idea:
• Summit TV session
• Industrial theatre
• Blankets as gifts
Best compliment:
• The conference compares excellently in relation to
international standards
• Trustee saying that for the first time in a long time he
is looking forward to day two of the conference
5 6

Please change next time:
• Too many workshops competing with interactive
session with FSB, SARS and PFA making
it very difficult for other speakers to compete
• Next time I would end with FSB, SARS and PFA
as the final plenary, and I would make the technical
topics concurrent
Women’s Day Celebrations
We held a tremendously successful Women’s Day event in August
in partnership with the Industrial Relations Association of
South Africa, the Institute of Retirement Funds and the Pension
Lawyers’ Association. The event is popular and we saw an
increase from 150 delegates in 2008 to 177 delegates in 2009.
Delegates were given the opportunity to touch the lives of children
affected by crime. The charities that we have supported the last two
years were: POWA (People Opposing Women Abuse) and by contributing
a comfort pack to the Matla a Bana project. We also examined
the role of women in the retirement funds industry.
Imbasa Yegolide Awards
The Imbasa Yegolide Awards were the first Awards of their kind
in South Africa. Some 400 people attended a black-tie event on
the evening of 8 June. This was the culmination of a nomination
and adjudication process where Principal Officers made
their voices heard by voting for service providers who had
rendered excellent service to their funds.
The POA wishes to thank Old Mutual Corporate for
being the corporate sponsor for the evening
Congratulations to our category winners:
• Manager of managers of the year - 27four Investment Managers
• Custodian of the year - Standard Bank
• Equities manager of the year - Allan Gray Limited
• Global manager of the year - Allan Gray Limited
• Overall investment manager of the year - Allan Gray Limited
• Socially responsible investor of the year - Cadiz African Harvest Asset
Management
• Transition manager of the year - Cadiz Securities
• Investment consultant of the year - Fifth Quadrant Actuaries and Consultants
• Law firm of the year - Hunter Employee Benefits Law
• Trust administrator of the year - Old Mutual Trust Ltd
• Employee benefits administrator of the year - Robson Savage
• Employee benefits consultant of the year - Robson Savage
• Risk manager / underwriter of the year - Metropolitan
• Hedge fund provider of the year - Trialpha Investment Managers
• Industry personality of the year - Rosemary Hunter
• Training provider of the year - InvestmentWise
Toolkits developed by the POA
The POA has developed the toolkits in support of legislative interventions.
• Developed a performance management toolkit in
terms of the PF130 circular.
• Submitted input on Fit and Proper Requirements to the Financial
Portfolio committee.
• Developed a toolkit on Fit and Proper Requirements.
• Facilitated sessions by the Pension Funds Adjudicator on
complaints, scorecard and conciliation process.
7 8

Financials
The annual financial statements for the period
ending 29 February 2009 as well as the report of
the independant auditors to the members of the
Principal Officers Association is attached for your convenience
and forms an integral part of this report.
Rotating Directors
Patrick Mayne is the Principal Officer of Corporate Selection,
Vantage and Quantum umbrella funds. He is a highly
experienced manager, skilled in a wide range
of disciplines. These include Customer Service,
Business Change Management, Human Resources,
Multi-project Programme Management and IT
Service Delivery.
Patrick has actuarial training. His area of expertise is in financial management
and professionalism. He worked in various capacities within
the retirement field. He was responsible for the management of Alba
Life’s Portfolio of small self-administered schemes and the system conversion
from Unysis to IBM in the UK. Locally he was the customer
service director for Liberty Corporate Benefits before becoming the
Principal Officer. Patrick is a Fellow of the Faculty of Actuaries and a
POA Board Member.
Qualifications - First degree (BSc in pure Maths and Statistics,
Queens University, Belfast); Additional training: Advanced Management
Programme, Harvard Business School
Maemili Ramataboe is the Executive Principal Officer of the GEPF.
She is responsible for overall management of fund
operations. Her responsibilities include managing
the finances of the fund, implementing Board
strategies and decisions and forging strategic relationships.
Maemili is active on all Board Committees
of the Fund.
She qualified as a Chartered Accountant in 1993 whilst
working for Standard Bank as chief accountant in Maseru.
Previously she had joined the Lesotho Highlands
Water Project in 1991 as Head of Commercial Finance,
and she was promoted to the Treasury
Manager position in 1997. She was responsible
for raising funding for the Project,
managing financial aspects of the con-
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tract, and taking care of loan management and financial and risk management.
Maemili joined Shell and BP Petroleum Refineries (PTY) Ltd. (SAPREF) as Treasurer
in 2001.
Qualifications - In 2004 she graduated with a Masters in Business Administration
(MBA) from the University of the Free State (UOFS) in South Africa.
Des Partridge-Meyer is Director: Pension Projects, Group Human Resources, Standard
Bank where she oversees Group-wide advice on pension strategies,
policies and practices and fulfils specific duties in South Africa as
Principal Officer to the Standard Bank Group Retirement Fund and as
trustee to other retirement funds within the Group.
Des is a Director of the Principal Officers Association, a Board member
of the Institute of Retirement Funds (IRF) and Chairperson of the
IRF Legal and Technical Committee. She is past President of the Pension Lawyers
Association (PLA).
Des is a certified financial planner (CFP), a member of the Financial Planning
Institute and previously served on the Board of the FPI.
Des is currently managing editor of alternate Pensions World publications.
Nominee for Directorship
Johan de Waal is employed as the Employee Benefits Manager of Implats.
He is the Principal Officer of Impala Provident Fund, Novel Platinum
Pension Fund and Impala Platinum Refineries Provident
Fund. He is also the Chairman of the Impala Workers Provident
Fund.
During the past two years in the position he, together with
the Trustees, contributed to the successful management of
t h e Implats Retirement Funds. This was achieved by applying good
corporate governance to minimise risk exposure through management
expertise, technology, innovation, and control systems.
He works well in teams and has excellent experience in leading teams,
ensuring that all members contribute to achieve the set goals and objectives.
Qualifications - 1998 – 2002 Technikon SA Johannesburg (National
Diploma in Safety Management with additional subject in Risk Management
and Research Methodology - B-Tech level); 2002 – current UNISA
Pretoria (B.Com degree in Risk Management, 90% complete)
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Agenda: Sixth Annual
General Meeting
THE PRINICPAL OFFICERS ASSOCIATION OF
SOUTH AFRICA “POA” (Incorporated under
section 21) NOTICE TO MEMBERS
NOTICE IS HEREBY GIVEN that the SIXTH ANNUAL GEN-
ERAL MEETING of THE PRINCIPAL OFFICERS ASSOCIATION
OF SOUTH AFRICA (“POA”) shall be held at the Village Hall, Midrand
Conference Centre, 661 Pendulum Street, Halfway House,
Gauteng on Tuesday, 16 February 2010 at 14h10 for the following
purposes:
ORDINARY BUSINESS
1. To receive and approve the minutes of the Fifth Annual General
Meeting of the POA held on 10 February 2009.
2. To receive, consider and approve the audited Annual Financial
Statements for the period 1 March 2008 to 28 February 2009 together with
the reports of the directors and auditors thereon.
3. To receive the Chairperson’s report
Report back to include:
1 The issue of physical presence at an AGM, prior to election as a
Board Member
2. The size of the Board, and
3. The issue of vacancies on the Board
4. To re-elect retiring directors in accordance with the provisions of
Article 11 of the Articles of the Association. One third of the directors shall
retire by rotation at every Annual General Meeting, however the retiring directors
shall be eligible for re-election.
The following directors shall retire by rotation and have made themselves
available for re-election:
4.1 Mr. Patrick Mayne
4.2 Ms. Maemili Ramataboe
4.3 Ms. Desiree Meyer
Note: In approving the re-election of retiring directors, Article 11.7 of
the Articles of Association is important. Article 11.7 of the Articles of
Association provides that unless a member is recommended by the
Board of Directors, that member is not eligible for election as a director
at the AGM. However, any member would become eligible
for election as a director at the AGM provided that no less than
10 (ten) days before the date of the AGM, there is provided to
the Company Secretary of the Association, a written notice
setting out the intention by no less than 2 members to
propose a member for election, accompanied by such
member’s willingness to be elected. This is the reason
for the nomination forms.
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5. To re-appoint KPMG Inc as the Auditors for the forthcoming year and to confirm their
remuneration for the year that ended 28 February 2009.
GENERAL INSTRUCTIONS
Any member entitled to attend and vote is entitled to appoint a proxy to attend, speak and
vote at an Annual General Meeting in his stead. A form of proxy should be properly completed
and forwarded to reach the company secretary by not later than 48 hours before the
time of the meeting.
15 JANUARY 2010
BY ORDER OF THE BOARD
Minutes: Fifth Annual General Meeting
PRINCIPAL OFFICERS ASSOCIATION OF SOUTH AFRICA
(Incorporated under section 21)
Minutes of the Fifth Annual General Meeting of the Principal Officers Association of South
Africa (“POA”) held on Tuesday, 10 February 2009 at 14h10 in the Assembly Room, Emperors
Palace, 24 Jones Street, Kempton Park.
Present
Apologies received
Notice
Constitution
: As per attendance register
: Mr Eddie Erasmus, Mr Gary Hughes
: The notice convening the meeting was taken as read.
: With the necessary quorum present, the
Chairperson, Ms Wanjiru Kirima, declared
the meeting duly constituted.
Proxies : 3 Proxies in favour of the Chairperson, 3
proxies in favour of Ms Nadia Erlank and 1
proxy in favour of Mr Peter Zibi were received.
1. MINUTES OF THE PREVIOUS MEETING
The meeting resolved that the following changes be made to the minutes of the
meeting held on 12 February 2008:
4. Annual Financial Statements for the period ending
31 December 2006.
After paragraph one ending with the words “…. voting for this motion”, the
following words were added “It was noted that the auditors gave a qualified
report on the Annual Financial Statements. The Annual Financial Statements
were circulated to members together with the notice, but certain members
reported that they did not receive the notice or the financial statements. No
hard copies of the financial statements were available at the meeting to distribute
to the members.”.
5. Election of Directors
After paragraph one ending with the words “…. directors are present or not”,
the following words were added “Mr. Omar Gire objected that he was not in
agreement with the process followed to elect directors. The meeting duly
noted this objection.”
12

After discussion of the minutes a recommendation
was accepted that the approval of minutes
should be done page by page. Mr. Patrick Mayne
proposed, seconded by Ms Margaret Le Grange and
approved by majority vote of members present that
the minutes of the previous meeting held on 12 February
2008 be approved and adopted as a correct record of proceedings.
No votes against or abstaining were cast.
2. MATTERS ARISING FROM THE PREVIOUS MEETING
There were no matters arising from the previous meeting.
3. CHAIRPERSON’S ADDRESS
It was recommended and agreed that a copy of the Chairperson address
be sent to members prior to the meeting. Ms. Kirima delivered
her Chairperson address to the meeting.
4. ANNUAL FINANCIAL STATEMENTS FOR THE PERIOD
ENDING 29 FEBRUARY 2008
A few members commented that they did not receive the AGM notice together
with the Annual Financial Statements. No hard copies were available at
the meeting to hand out to members. A suggestion was made and accepted
to the chairperson that the company and auditors should in future scrutinise
the distribution list of members before distributing the next AGM notice.
Mrs Lucretia Mosing explained to the meeting the reasons for the change of
the year end of the Association to the end of February during the past financial
year and the reasons the Annual Financial Statements covered a period of
14 months ending 29 February 2008. She also responded to several questions
from members regarding the financial statements.
The chairperson proposed, seconded by Mr. Henry Dul and approved by majority
vote, that the Annual Financial Statements for the period ending 29
February 2008 be approved and adopted and that all matters and things
undertaken and discharged by the Directors on behalf of the company be
confirmed. 10 members abstained from voting and no members voted
against the motion.
5. ELECTION OF DIRECTORS
A request was made to the Chairperson and the Board of Directors
that the Articles be amended at the next AGM to effect that directors
must be present at the AGM before nomination or election
can take place. If a director is not present at the AGM, his
election to the Board cannot take place. The chairperson
confirmed that this proposal will be discussed at a Board
meeting.
(a) The chairperson proposed, seconded by Mr.
Mark de Klerk, carried by majority vote that
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the election of directors be determined by a single resolution. Four members voted
against this motion and no votes abstaining were cast.
(b) The chairperson proposed, seconded by Mrs Desiree Partridge, carried by majority
vote that in accordance with the Articles of Association of the company, the following directors
elected during the 2008 year be ratified and approved:
• Lavinia Khangala
• Lazarus Mokoena
• Patrick Mayne
• Peter Zibi
Four members voted against this motion and no members abstained from voting.
(c) Mr Omar Gire proposed, seconded by Ms Thuli Ndebele, and approved by majority vote
that the number of Board directors be increased from 10 to 12 and that the following four
nominated directors, three of whom retired by rotation and made themselves available for
re-election, be appointed with immediate effect:
• Mr Gary Hughes (retired by rotation)
• Mr Eddie Erasmus (retired by rotation)
• Mr Mark de Klerk (retired by rotation)
• Mr Andrew Crawford (new nomination)
6. APPOINTMENT OF AUDITOR
The chairperson proposed, seconded by Mr. Mark de Klerk and approved by majority
vote that the current auditors, KPMG, be re-appointed for the forthcoming
year. No members abstained to vote and no votes against the motion were
casted.
Ms Wanjiru Kirima thanked the members for attending the meeting and
declared the meeting closed at 15h05.
Sponsorships 2007 and 2008
Thank you to the following sponsors who supported us during the
2007/2008 financial years: Cadiz Special Projects Limited, Investec Asset
Management SA, Kagiso Trust Investment, Mergence Africa Investments,
Old Mutual Investment Group SA, Renaissance Specialist Fund
Managers, Sanlam Investment Management, SEI Investments (SA).
Sponsorships 2009 and 2010
Thank you to our sponsors:
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