JMC Elections 2014

There are two levels of governance for Old Mutual employees in the Old Mutual SuperFund Pension Fund (“SuperFund”), to make sure that your retirement interests are completely protected:

• The Management Board of Trustees of SuperFund looks after all the members in SuperFund, including those who work for other employers.
• The Joint Management Committee is made up of representatives who are all Old Mutual employees. The JMC is focused only on Old Mutual employees’ retirement benefits (i.e. members that fall into one of the 13 Participating Employers described above). You will have the chance to vote for JMC representatives in the second half of 2014

• There are eight representatives on the JMC, drawn from the OMEGS membership:

o   Four representatives are elected by you as members.

o   Four representatives are appointed by Old Mutual as the Employer.

• JMC representatives serve for a term of 4 years. To enable continuity, elections are held every two years to replace the two member-elected representatives who have reached the end of their four year term.
• The JMC is empowered to perform certain functions by virtue of a Mandate from the Employer, as well as provisions in the SuperFund Rules.
• The key functions of the JMC are to:

o   Support the governance structure and processes of the SuperFund;

o   Exercise oversight over all processes impacting upon the OM Membership;

o   Oversee the investment and benefit framework and recommend changes and enhancements;

o   Oversee communication and draft tailored communication specifically for the OMEGS membership; and

o   Report back and make recommendations to the Employer regarding OMEGS.

During the next few months, you as members will have the opportunity to elect two new representatives to the JMC (to replace two representatives who are stepping down). This is your opportunity to elect two trustworthy and committed JMC representatives to take on this important responsibility.
Phase 1 – Nominations phase

• This phase runs from 17 July to 31 July 2014.
• Only active members of OMEGS are invited to nominate fellow OMEGS members to stand as JMC representatives. Only active members of the Old Mutual Employee Group in SuperFund are eligible for nomination.
• You may nominate up to two members of OMEGS by clicking on the link below and completing the form online.
• Please ensure that you obtain consent from all your nominees, prior to submitting your nominations.
• If you submit more than two nomination forms, the most recently dated forms will be processed.
• All nominations must be submitted by 16h00 on 31 July 2014 and any nominations received after the closing date will be disregarded.
• Once your nomination form has been submitted, it cannot be withdrawn.
• Nominees will be contacted to ensure that they are prepared to stand for election, and that they meet the necessary fit and proper requirements.

Phase 2 – Voting phase

• Once the Nomination Phase has been completed and the list of candidates finalised, we will move to the Voting Phase.
• You will be able to vote for up to two of the candidates.
• All OMEGS members will receive an e-mail inviting them to participate in voting for their preferred candidate/s. This email will provide members with a link where they will be able to read more about the nominees and make their vote/s electronically. This link can only be used once, so please make sure that you are happy with your choice before you press the submit button.
• Any votes received after the closing date will be disregarded.
• Once your vote has been submitted, it cannot be withdrawn.
• Only active members of OMEGS may vote

Phase 3 – Announcing the new JMC representatives

• The two candidates with the highest number of votes will be elected as JMC representatives.
• The two new JMC representatives are expected to take up their positions on the JMC with effect from October 2014.
• If a member-elected representative steps down before the next JMC elections, then representatives may be drawn from those candidates who received the next highest number of votes.

Although JMC representatives do not have the same statutory function as a Trustee, they are still expected to:

Ensure that the interests of the members are protected at all times;

Act with care and diligence;

Avoid conflicts of interest;

Act impartially towards all members and their beneficiaries;

Consider all relevant information and partake in discussions in order to reach decisions and resolve disputes; and

Regularly attend and participate in JMC meetings and sub-committee meetings.

Q: Do JMC representatives get remunerated?
A: No, there is no remuneration for being a JMC representative.

Q: How often does the JMC meet and where are the meetings held?
A: The JMC usually meets four times a year for full JMC meetings. In addition, JMC representatives are expected to serve on at least one Sub-Committee, which will usually meet at least 4 times a year. Meetings are usually held at Mutualpark, Pinelands, Cape Town. If you are not based in Cape Town, tele-conferencing facilities are used to ensure participation of all representatives. Meetings typically last 2 to 4 hours. In addition, JMC representatives are expected to prepare properly for meetings by reading and applying their minds to the topics at hand.

Q: How does the JMC function?
A: The JMC makes use of various sub-committees to ensure the efficient running and compliance of OMEGS. Once you are elected, you will be expected to serve on at least one sub-committee.

Q: Will I receive training if I am elected?
A: Yes, JMC representatives are expected to attend appropriate training to equip them to appropriately fulfil their function.

Q: Will Old Mutual as my Employer allow me time off to attend the training and meetings?
A: Yes. However, you will need to inform your line manager that you have been elected and make sure that they are kept informed of training and meetings that are taking place.