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Institute of Retirement Funds appoints new CEO
Steven van Schanke has been appointed as the new chief executive officer of the Institute of Retirement Funds Africa (IRFA). Van Schanke, a qualified chartered accountant, spent five years in the United Kingdom where he gained experience in a number of finance-related ventures, before returning to South Africa in 2006 to set up his own business.
The retirement fund industry is abound with change, but requires guidance and leadership when it comes to positive and balanced transformation. Van Schanke explains, "I am motivated by ensuring that the new or amended legislation does not adversely affect members' rights and ultimately their future retirement income. At the same time I am driven to continuously promote transformation and equality within the sector as a whole, and the implementation of appropriate legislation to achieve that vision. Finding an equitable balance between these two aspects, so that there is benefit all-round, is both a challenge and an opportunity."
Positive transformation
The IRFA has seen its own positive transformation in the last twelve months, announcing a new Board of Directors during national stakeholder meetings in July last year. The board comprises twelve directors, covering a broad diversity of expertise including principal officers, trustees, legal practitioners and other service providers, to provide a balanced perspective.
It also changed from an NGO to a Non-Profit Company, a separate legal entity with stricter formalities, as prescribed by the Companies Act of 2008. The aim of this is to ensure that directors are responsible and accountable for their decision-making and that they comply with corporate governance to create ongoing accountability.
Five subcommittees
Moving into 2014, IRFA resuscitated all five subcommittees - these include Legal and Technical, Investment, Trustee Services and Education, Member Recruitment and Research and Benchmarking. They are now operational and will be meeting on a quarterly basis.
A key event on the annual retirement fund calendar is the IRFA conference, hosting more than 1,200 delegates. "It promises to be bigger and better than ever before, with well-informed speakers and cutting edge topics of discussion. I advise all stakeholders to be there not only to experience, learn and network, but also to contribute. I sincerely look forward to getting to know the industry's role players and getting to know and understand the opportunities and challenges," Van Schanke adds.
