Board Sub-Committees

The MIRF Board is supported by five sub-committees who assist in providing management and oversight to the five funds.
Investment Committee

Responsible for all matters relating to the oversight of the fund investments. The committee examines the investment consultants’ recommendations, ensures compliance with the Investment Policy Statement, Regulation 28, and Reserve Bank requirements, and assesses and monitors performance to ensure the goals of the funds are achieved.

Administration and Communication Committee
Responsible for all matters of administration, record keeping and pension benefit payments. The committee establishes the terms of the administration agreements with service providers, the terms of the contractual arrangements with the fund auditor, fund actuary and any other service provider. It also maintains and develops all agreements and proposes policies to the board for trustee expenses and any Officer of the Funds expenses. Additionally, it reviews – with the assistance of an independent external adviser if necessary – all the information processes, operational software systems and accounting and financial reporting systems. Finally, the committee also investigates any actual, potential, or perceived conflict of interest relating to the funds’ administration, actuary, auditor, or any other service provider.
Claims Committee
The Claims Committee is responsible for examining and approving all claims for ill-health retirement, death, and disability benefits, and establishing beneficiaries’ distribution accounts for dependants, when appropriate. It also establishes and reviews the administrative function, processes, and relevant documents in relation to the death claim process; ill-health and disability claims process; and the beneficiary and dependant nomination forms. This is done by reviewing any areas of risk related to allocating and paying death and disability benefits, as well as determining whether a member qualifies for ill-health retirement.
Audit & Risk Committee

Established in terms of the King Code on Good Corporate Governance, this committee has appointed SNG Grant Thornton to conduct a specific internal audit programme, with an emphasis on the security of our assets and in ensuring compliance in all areas of administration and information technology.

The committee performs many oversight responsibilities of the MIRF Board, including: the financial reporting process; the systems of internal controls; the audit process; monitoring compliance with laws and regulations; carrying out investigative work relating to the risk and governance issues of the funds; making recommendations on the appointment of accounting firms; and pre-approving all auditing and non-audit services provided by the external auditors.

Legal & Compliance Committee
Responsible for the legal and compliance review of any contractual arrangement between the funds and any other party. It also recommends the approval of, or suggests any changes, in connection with any proposed amendment to any rule; reviews the rules, policies and related documents in line with the Treating Customers Fairly Outcomes; provides the board with legal advice on any dispute or complaint (including responses to the Pension Funds Adjudicator); represents the board through legal advice or assistance sought either from counsel or any other legal adviser; advises the board on changes to the law affecting the fund; formulates a compliance management plan and manages the risk that the funds may not comply with any legislative or regulatory requirement.