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Response to an article published in the Patriot on Sunday newspaper titled “BPOPF CEO’S FUTURE UNCERTAIN’.
The article appeared on the newspaper dated 1st March 2020
We have noted inaccuracies reported regarding the CEO’s contract. Please note that this matter including that of the trustees mentioned as having been removed from the board is an internal one which will be managed by the board.
We would also like to correct the report regarding the alleged ineptitude of the Board. The board was vetted and approved by NBFIRA as being fit and proper prior to appointment. In this vetting NBFIRA considers experience as well as capability to manage a pension fund. It is therefore unfortunate that an impression is being created that the Fund is run by incompetent trustees.
Board assessments are done annually and this has been the case from the inception of the Fund. There is nothing unusual about this; it is also a regulatory requirement. Further, the Principal Officer is not rated as she is not a Trustee. Therefore, the statement that she achieved higher scores is inaccurate.
Regarding BOP, this has been the subject of public legal proceedings and the records are available through the Master of the High Court’s office. Therefore, it would be advisable for facts to be properly ascertained through these records. The BPOPF cannot comment on the numerous allegations that have been reported on the BOP in the article as the legal proceedings are ongoing.
Regarding Mascom, BPOPF owns 40% of the company while MTN owns 60%. If there is a possibility of acquisition of further shares, listings, etc, these will be considered by the shareholders and the Mascom board.
BPOPF is in the process of setting up a retirement fund administration company which will involve ownership between Lecha (a company owned 100% by BPOPF) and a technical partner. The technical partner has not yet been appointed although the procurement process is well underway. Due to the changes that this will bring, there will be robust communication to members and other stakeholders through various platforms and media.
Boitumelo Molefe (Ms) Chief Executive Officer