JMC ELECTIONS 2018 – VOTING IS NOW CLOSED
The Old Mutual Employee Group in Superfund is overseen by a Board of Trustees as well as a Joint Management Committee (JMC) on your behalf. The Joint Management Committee is made up of representatives who are all Old Mutual employees. During the coming weeks OMEGS members have the opportunity to elect two new JMC members to join the current committee. The successful candidates will replace two representatives who have reached the end of their current term.
How does the process work?
- STAGE ONE: Nominate candidates – THIS STAGE IS NOW CLOSED. This was your chance to nominate candidates who you believe will act in a responsible and committed way to ensure that OMEGS is well run. The nomination phase ran from 25 July to 1 August 2018.
- STAGE TWO: Vote for candidates who have been nominated- THIS STAGE IS NOW CLOSED. This was your chance to vote for two new member-elected JMC members during the voting stage. The voting stage ran from 22 August to 5 September 2018 at 16h00.
The votes are currently being checked and results will be announced once all verification processes are complete.
Frequently Asked Questions
Tell me more about the Joint Management Committee
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 the retirement benefits for Old Mutual employees’.
There are eight representatives on the JMC, drawn from the OMEGS membership:
- Four representatives are elected by members.
- 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:
- 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.
What is the role of a JMC representative?
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.
Do JMC representatives get remunerated?
- No, there is no payment or remuneration for being a JMC representative.
How often does the JMC meet and where are the meetings held?
- The JMC usually meets four times a year for full JMC meetings.
- 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, 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 or video-conferencing facilities may be 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.
Will I receive training if I am elected?
- Yes, JMC representatives are expected to attend appropriate training to equip them to appropriately fulfil their function.
Will Old Mutual as my Employer allow me time to attend the training and meetings?
- 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.