Starting with a clean slate
GOVERNANCE issues at Sizwe Medical Fund have been critically reviewed and addressed under the leadership of Curator, Joe Seoloane. He has now handed the Fund back to its members through the appointment of a new Board of Trustees at its recent Annual General Meeting.
He assures that this paves the way for one of South Africa’s top 10 medical funds to start on a clean page and build on a solid base of sound corporate governance principles and faith in an elected Board of Trustees.
Sizwe has weathered the storm following an extended curatorship, and Seoloane has been instrumental in rebuilding the relationship with administrator, Sechaba Medical Solutions.
Notably, Sizwe ends the curatorship with its best financial results since 2006, including:
Return on investment as a percentage of investments increased from 10.84 percent to 17.00 percent;
Solvency ratio increased from 25.44 percent in 2012 to 34.40 percent in 2013;
Accumulated and total members funds increased to R768 million in 2013 from R545 million in 2012, a 41 percent increase and,
The surplus for the year increased to R223 million in 2013 from R8,7 million.
Seloane said, “In the year that celebrates the Fund’s 35th Anniversary, it is ready to celebrate this milestone by advancing as a reputable, sound and stable medical fund that cares for its members by offering quality healthcare through rich benefits.
“I am pleased to be able to hand a healthy and stable Fund back to its members and I believe it can now only grow from strength to strength. The storm is most definitely over and I am confident that Sizwe is now in a position to step towards a new chapter that will start on a sound footing and place it as a powerful force in the market place. ”
The Fund was placed under Curatorship in September 2012. At that time, in a joint statement with the Council for Medical Schemes the clear message to members and providers was that there was no basis for any claims to be rejected.
Dr Monwabisi Gantsho, Chief Executive of Council and Registrar of Medical Schemes assured, “The curatorship has nothing to do with the long-term solvency and sustainability of the Fund. I am confident that at the end of curatorship Sizwe will emerge even stronger with its members better protected than ever before”.
Sizwe continued to honour all its financial obligations including claims settlement.