Research and benchmarking is a major focus

Topline findings from the 2016 study indicate that while good governance is the primary goal of any responsible retirement fund or responsible corporate citizen, the definition of governance itself extends beyond the traditional definition, and in terms of global and local best practice and measurable dimensions of governance, should include the subsets of:

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“This is right on track with King IV,” he remarks, “Namely, that the governing body should lead the value creation process by appreciating that strategy, risk and opportunity, performance and sustainable development are inseparable elements.

Further findings from the IRFA study indicate that the practice of sound governance is recognised as being both facilitated and bound by the catalyst of effective stakeholder engagement, and that this engagement should include all stakeholders and include full disclosure, ongoing assessment of stakeholder needs and expectations and ways to communicate and meet these needs.

“In terms of overall ranking of perceived compliance with the six critical dimensions of the research model, current Investment Practices are rated the highest by the local retirement industry, followed by Governance Practices, Financial Reporting, Stakeholder Engagement and finally, Trustee Development Practices.”

Hiller van Rensburg concludes that the study also provides a roadmap for IRFA itself in terms of industry needs. “Results from the Best Practices Study are also being used extensively by IRFA in developing targeted service programmes to its membership base, for example specific trustee development initiatives, as well as content for the annual conference and workshops and seminars.”