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Trust in Trusteeship: Risk v. Reward in South Africa

Explore the personal liability and remuneration decisions affecting trustees in South Africa. Recent court cases and industry discussions indicate potential changes in trustee performance and regulations. Discover the current landscape and consider future actions.

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Trust in Trusteeship: Risk v. Reward 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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