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Navigating Trusteeship Challenges: Trends, Risks, and Rewards in South Africa

Join Michelle David, Director at Norton Rose Fulbright South Africa, for insights on the evolving landscape of trustee responsibilities. Explore recent court decisions, industry debates, and the current position on trustee remuneration. Discover the implications of Circular 45 of 2011 and ongoing regulatory proposals. Are trustee performance indicators shifting? Delve into King II proposals, fiduciary duties, and the need for enhanced industry regulation.

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Navigating Trusteeship Challenges: Trends, Risks, and Rewards in South Africa

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Presentation Transcript

  1. Trust in trusteeship Michelle David Director Norton Rose Fulbright South Africa

  2. Are you in the circle?

  3. Risk v Reward • Personal liability: decisions in Medshield and Afrisure • Remuneration: what is the current position “Fortune sides with him who dares” Virgil

  4. On-going debate • Circular 45 of 2011 – CMS discussion paper on remuneration ― uniform approach to remuneration • BHF submissions on discussion paper ― no to a one size fits all approach

  5. Recent activity PWC survey on trustee remuneration Recent court decisions • CMS v Liberty Medical Scheme and Advocate Boyce Mkhize • Barnard and Others v Registrar of Medical Schemes • Registrar of Medical Schemes v Sizwe Medical Fund • Pienaar v Council for Medical Schemes Are these decisions indicative of trustee performance?

  6. Enhanced regulation? Proposal on King II Current fiduciary duties of trustees Does the industry need more regulation?

  7. Conclusion • What should boards be considering? • What can the Registrar do?

  8. Questions?

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