BIFM Trains Trustees

Spread the love
BIFM CEO Tiny Kgatlwane

BIFM CEO Tiny Kgatlwane

Botswana Insurance Fund Management (Bifm) hosted a training session for all its clients and stakeholders in a bid to continue imparting knowledge, sharing views on topical issues and to highlight the role of trustees from a regulatory perspective. Held on Thursday 30th October, the training session comprised of key insights from, subject matter experts and indeed the Non-Bank Financial Institutions Regulatory Authority (NBFIRA).

“A firm dedication towards adhering to a sound governance structure lies at the heart of Bifm and of the entire BIHL Group. We are proudly aligned with the requirements of King III in terms of governance, and indeed at a group level, have a Board supported by highly effective sub-committees that can focus its energies on strategy and sustainability matters,” commented Tiny Kgatlwane, Bifm CEO.

The training unpacked such areas as what pensions funds are and why they ought to be regulated, as well as the role of the Regulator in this process. The Trustees were further trained on their fiduciary responsibilities as well as their responsibilities when it comes to risk management.

Commented Mrs. Bopelokgale Soko of NBFIRA, “The administration of the trust assets will be in such a manner that the consequential benefits and advantages accrue, not to the trustee, but to the beneficiaries.” Mrs. Soko further spoke to the fact that Trustees are appointed to be risk managers of pension funds. “In pursuant of their fiduciary responsibilities, trustees are expected to have risk management strategies in place to manage the risks associated with Pension Fund business.” Risk management controls put in place to ensure this include but are not limited to ensuring the existence of a sound governance structure, effective internal controls, regular monitoring and independent review.

“We are fortunate to have further explored such aspects as investments of pension funds’ assets and two of the investment style options at hand, those being passive and active investment.  Ultimately, what the Trustee training sought to impress upon was strong governance, and we certainly hope that this has been achieved. We constantly strive to find ways for all members of the business, at every level, to contribute towards strengthening this positioning and allowing us to make a more positive contribution to the industry and this is yet another step in that direction,” concluded Kabo Motsumi, Bifm Chief of Client Relations.

error: Content is protected !!