Manuel joins Old Mutual
Old Mutual SA has scored a massive boost in its aim to comply with the Twin Peaks supervisory regime with the announcement that former finance minister Trevor Manuel will become its chairperson.
Manuel joins Old Mutual in January and will become a member of the board risk committee in anticipation that he will become the chairperson of Old Mutual Group Holdings after incumbent Paul Hanratty leaves the group during the course of next year.
“I am very much looking forward to being able to contribute to the Old Mutual Group’s further development over the coming years,” Manuel said.
The board under Manuel’s leadership will tackle issues stemming from South Africa’s Twin Peaks supervisory regime.
The Twin Peaks model, unveiled in 2011, aims to improve the local financial services sector’s regulatory framework, where the SA Reserve Bank would act as the prudential supervisor, while the Financial Services Board would regulate market conduct.