The Motor Industry Retirement Funds (MIRF) has noted the article published by Autoforum on 9 September 2026 regarding concerns raised by the Motor Industry Staff Association (“MISA”) relating to allegations concerning the Motor Industry Fund Administrators (“MIFA”).
MIRF takes any matter that may potentially affect the interests of its members and beneficiaries extremely seriously.
Following the publication of the allegations, the MIRF Board engaged with the MIFA Board and requested an urgent meeting and detailed written responses to the matters reported, and has also engaged with the Financial Sector Conduct Authority (“FSCA”) in relation to the matters raised.
MIRF has therefore taken proactive steps in relation to these developments. As the Board responsible for acting in the best financial interest of the Fund’s members and beneficiaries, MIRF continues to exercise appropriate oversight of the administration services provided by MIFA and is engaging with the relevant parties and regulatory authorities to establish the facts and determine whether any further action is required.
It is important to distinguish between the respective governance responsibilities of MIRF and MIFA. MIFA is the appointed administrator of the Motor Industry Retirement Funds and has its own Board of Directors and governance structures. The member and beneficiary Funds of MIRF (Funds) are governed separately by their respective Boards of Trustees. Matters relating to MIFA’s internal Board and governance processes fall within the responsibilities of MIFA and the relevant regulatory authorities.
This separation does not, however, diminish MIRF’s responsibility to oversee the administration of the Funds or its duty, and to act in the best interests of members and beneficiaries.
MIRF recognises the legitimate interest of members and beneficiaries in matters concerning the administration of their retirement funds. At the same time, allegations must be properly investigated, and conclusions should not be reached before the relevant facts have been established.
MIRF will continue to act in accordance with its statutory and fiduciary responsibilities and in the best interests of its members and beneficiaries. Where matters arise that materially affect the Funds or their members, MIRF will communicate verified information through the appropriate channels.
The Board remains committed to transparency, accountability, sound governance and the protection of members’ retirement savings.
For Enquiries:
Mr Adam Esat (Principal Officer, MIRF)
adam@mirf.co.za