OMEGS Joint Management Committee
The Joint Management Committee (JMC) is responsible for looking after the interests of the grouping of Old Mutual employees in SuperFund (i.e. OMEGS members in SuperFund). The JMC is empowered by a Mandate granted by the Employer, as well as by provisions in the SuperFund Rules.
There are eight JMC representatives – four elected by you as members, and four appointed by the Employer. Member-elected JMC members serve for a period of four years. To allow for continuity, the election of member-elected JMC representatives happens in a staggered approach, with elections for two candidates happening every two years.
The Joint Management Committee
Independent Executive Officer
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 Old Mutual 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
- There are eight representatives on the JMC, drawn from the OMEGS membership:
- Four representatives are elected by you as members.
- Four representatives are appointed by Old Mutual as the Employer.
- JMC representatives serve for a term of four 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:
- Support the governance structure and processes of the SuperFund;
- Exercise oversight over all processes impacting upon the OM Membership;
- Oversee the investment and benefit framework and recommend changes and enhancements;
- Oversee communication and draft tailored communication specifically for the OMEGS membership; and
- Report back and make recommendations to the Employer regarding OMEGS.
- Although JMC representatives do not have the same statutory function as a Board member, 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.
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 four times a year. Meetings are usually held at Mutualpark, Pinelands, Cape Town. For JMC members not based in Cape Town, tele-conferencing facilities are used to ensure participation of all representatives. Meetings typically last two to four hours. In addition, JMC representatives are expected to prepare properly for meetings by reading and applying their minds to the topics at hand.