Page 7 - Reef Tankers Agenda 1 June 2018_Neat

Reef Tankers 1 June 2018

Action: KPI Scorecards to be discussed (Annexure F).

13.2 Year Plan and Compliance Update

The Manco should schedule meetings, evaluations and monitoring requirements for
the year in terms of a year-plan. The year-planner is an important governance tool i.e.
to assist the Manco with their duties.

Item Next due Comment
Meetings
Manco Meeting 11 October 2018
Evaluations & Reviews
Service Provider Evaluations
Renewals
Risk benefits 1 June 2019
Communication
Issue of benefit statements

Action: To update the year-plan.

14. DISCLOSURE

14.1 IDENTIFICATION OF CLIENTS

The Financial Intelligence Centre Act (FICA) was put in place to combat money
laundering. The Act imposes reporting and other duties on ‘accountable institutions’
(including long-terms insurers). One of these duties is the duty to identify clients. An
‘accountable institution’ may not establish a business relationship or conclude any
transactions with a client unless it has established the client’s identity e.g. a bank will
require proof of identity and residence before they open a bank account. Whilst a
retirement Fund is not listed as an ‘accountable institution’, it is considered good
governance to adopt internal control mechanisms in the context of this act. It is
therefore important to obtain copies of the identity documents and proof of residence
for:
- The Manco
- The Directors of the Employer who will be liable should contributions not be paid
to the Fund (Responsible Person Form);
- Company registration certificate;
- HR/Payroll personnel i.e. those persons who will sign the administrative
documents associated with the Fund i.e. claim forms and monthly returns.

For Noting: These documents are on record.

15. GENERAL

16. NEXT MEETING

The next meeting is scheduled for the 11 October 2018 at 10am at the offices of Reef Tankers.

17. CLOSE MEETING
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