The Marketing Industry Trust (MIT) was established in 1997 by the then Association of Marketers with the purpose to collect a levy on all advertising expenditure. The levy, collected by the different media (print and electronic) was used to fund the Advertising Standards Authority (ASA), South African Advertising Research Foundation (SAARF) and other industry specific bodies and causes.
During 2002 certain collectors withdrew from the MIT and an industry task force was appointed to reconsider the funding model.
The result of the work of the task force was a Master Agreement between the stakeholders in the marketing and advertising industry: the Association for Communication and Advertising (ACA), the Marketing Federation of Southern Africa (MFSA), the National Association of Broadcasters (NAB), Print Media SA (PMSA), Out of Home Media SA (OHMSA), Cinemark, the SABC and the Advertising Media Forum (AMF).
In terms of this Master Agreement, the levy collection is to be done by a Levy Collection Agency (LCA), with a body consisting of the Presidents of the Stakeholders forming the 'Industry Wide Forum' to oversee the execution of the Master Agreement over the next five years.
It was a long and involved process, but the Stakeholders are proud to announce that the Master Agreement has been finalized and will be signed by all the Stakeholders on November 8, 2004.
According to the task force's, Piet Delpoort, this is an important milestone, not only because it ensures the future of the ASA and SAARF, but also because the industry has proved once again that it can stand together and work towards a common goal.