Statement on Corporate Governance

The Board of Trustees considers corporate governance as a key pillar in the management of the Scheme and accountability to the Sponsor and members. The values put in place and the culture adopted by the Board, drives the behavior and decision-making processes within the Scheme. The Scheme at all times adopts the use of established best practice guidelines to achieve highest standards of compliance with the law, whilst ensuring the Scheme is managed to satisfy the interests of members and the Sponsor.

Code of conduct

In order to enable the Board to operate effectively and in the best interests of the Scheme, all Trustees are required to observe the rules and regulations governing the conduct of Trustees as contained in the Trust Deed and Rules, Good Governance Guidelines and the Retirement Benefits Act (2010).

Compliance and Conflict of Interest

Conscious of its responsibilities to members and other stakeholders, the Board of Trustees issues a statement at the end of each year confirming that they have complied with the law, conducted their affairs in accordance with the best principles and practices of corporate governance and that to the best of the knowledge of the Board and management, no person, employee or agent acting on behalf of the Scheme with the knowledge or authority of the Board or management, committed any offense under the Prevention of Corruption Act or indulged in any unethical behavior in the conduct of the Fund’s business. All the Trustees are expected to declare at the beginning of each board meeting, any circumstances which may give rise to any actual or potential conflict of interest.

Risk Management

The Trustees are committed to a process of Risk Management that involves identification and management of strategic and operational risks through a structured, systematic, proactive and integrated process. This risk management framework enables Fund to focus on all risks that the Scheme faces. The Trustees have put in place a risk management policy that guides the processes involved in the risk management as well as specify the responsibilities of the different parties involved. Risk management is also an integral part of the strategic plan process. An Audit and Risk Management Committee is in place to assess, monitor and evaluate risks that may arise, with a view of advising on mitigation.