RAND WATER PROVIDENT FUND ANNUAL REPORT 2022-2023
Combined Assurance Model
Board of Trustees Audit & Risk Committee
Senior Management
4th line of defense
3rd line of defense (Assurance Providers)
2 nd Line of defense
1 st line of defense
Risk Management
Integrity Probity and Assurance (IPA)
External Auditors
Internal Audit
Internal Controls measures
Manage ment controls
Regulators
Regulatory Compliance
Legal
Investment Committee The Investment Committee is established as a sub-committee of the Board of trustees to assist the board with oversight of investment policies, advisor selection, strategy and fund performance to ensure the best possible outcome for the members and their beneficiaries. The Committee is appointed by the Board of Trustees (BoT) and consists of no less than four members, with two being from the Employer Trustees and two from the Member Trustees. Members are appointed for a four-year term of office and may be eligible for reappointment for an additional four-year term. Notwithstanding this provision, no more than two members of the Investment Committee will be changed simultaneously. In line with our goal of becoming a member-centric fund of choice, we are continually exploring how we can better understand and serve our members while generating sustainable long-term value for all our stakeholders. We continue to make strategic investments to secure Provident Fund’s future growth and build a retirement services business of the future. Our investments represent our response to rapid changes in market trends and our members’ needs and preferences. These investments also reflect our commitment to securing the future we want– not only for our fund, but for our members, communities, and the businesses that we partner with.
Rand Water Provident Fund Annual Report | 2022-2023 21
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