VOTE IN THE JMC ELECTIONS 2020
OMEGS is currently holding elections to appoint two new member representatives to the Joint Management Committee (JMC). The nomination phase is now complete. We received 40 nominations, and 11 of these nominees have agreed to stand in the elections.
You now have the chance to vote for two candidates who you believe will act in a responsible and committed way to assist with the efficient management and governance of OMEGS. The voting phase closes at 16h00 on 23 September 2020.
- The two candidates with the highest number of votes will become members of the OMEGS Joint Management Committee for a four-year term. They will replace two current JMC members who have reached the end of their term.
- You can vote for two candidates.
- Your votes will both have equal weighting when votes are counted to identify the two candidates with the highest number of votes.
- However, we also need you to rank your two votes so that we can use these rankings as a tie-breaking mechanism, in the unlikely event of a tie between the top candidates. (For example, if there are three candidates who top the voting with the same number of votes, then we will look to see which two of those candidates received the highest number of ‘first choice’ votes, in order to break the tie).
- Only active members of OMEGS may vote. Any votes received after the closing date will be disregarded. Once a vote has been submitted, it cannot be withdrawn. If you submit more than two votes, only the two most recently dated submissions will be counted.
Frequently Asked Questions 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.
- With the current developments regarding Old Mutual’s work from home policy, you should avail yourself for the relevant JMC meetings via MS Teams and have access to a reliable network source. You should also be able to provide electronic signatures when required.