The Eskom Pension and Provident Fund appoints Caroline Henry as Chairman of the Board of Trustees
The Eskom Pension and Provident Fund (“EPPF” or “the Fund”), South Africa’s second-largest pension fund with over 80,000 members and R140 billion in assets under management, is pleased to announce that Ms Caroline Henry has been appointed as Chairman of the Board of Trustees.
Ms Henry is a chartered accountant with 27 years of experience in the finance sector whose technical expertise is in Treasury and financial markets risk management. She has held various Executive, Non-executive and Independent roles within Eskom, Rand Merchant Bank, EPPF & Sun International which have provided her with extensive exposure to a wide variety of market sectors, business transactions and stakeholder interaction both domestically and internationally. She is currently a Board member of Sun International and the Chairman of their Audit Committee.
Ms Henry holds a Bachelor of Commerce degree from the University of the Witwatersrand and a B Compt degree with Honours in Accounting and Finance from the University of South Africa.
Ms Henry and the Board’s other newly elected and appointed Trustees will serve a four-year term. The EPPF is governed by a Board of Trustees of 14 members – comprising employer-appointed, member-elected, and pensioner-elected members.
The full list of the new board of trustees is as follows:
Chairman:
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Ms Caroline Henry
Pensioner Elected Trustees:
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Mr Izak Du Plessis
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Mr Ben Steyn
Employer Appointed Trustees:
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Ms Hasha Tlhotlhalemaje
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Mr Martin Buys
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Mr Sincedile Shweni
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Ms Mabatho Seeiso
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Mr Peter Mashatola
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Ms Liza Brown
Member Elected Trustees (Non-Bargaining)
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Mr Khehla Shandu
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Mr Lufuno Ratsiku
Member Elected Trustees (Bargaining)
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Ms Helen Diatile – NUM
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Mr Deon Jenkins – Solidarity
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Ms Anah Makgopa – NUMSA
Caroline Henry, Chairman of the EPPF Board of Trustees said:
“The Trustees’ duty to safeguard the retirement savings of members can never be underestimated in terms of its enormity and multi-generational nature. This responsibility is at the forefront of my mind as I take on the Chairmanship of the EPPF’s Board of Trustees. At a time of unprecedented uncertainty and turmoil globally due to Covid-19, the EPPF and its members will look to the Board for consistent, effective and responsible leadership, unwavering focus on our role as the ultimate custodian of the Fund’s values and the best execution of our mandate.
I am eager to get to work with the Board and Executive Committee, who bring a healthy blend of new energy and insights with deep institutional knowledge and skills. We will continue our focus on effective stewardship and investment performance to deliver real value for our members and the country as a whole as South Africa works to restore its economic health.”
Linda Mateza, Chief Executive and Principal Officer of the EPPF said:
“I could not be more pleased to have our new Chairman and Board of Trustees to support and guide the Fund as we continually strive to deliver excellent service to our members and pensioners and ensure industry-leading performance.
We have a highly capable team which draws on varied professional capabilities with a wealth of experience in investment management and benefit administration.
In these particularly challenging times, we will work together in the best interests of our members and pensioners to demonstrate that we are truly ‘invested in our members’ and to enhance the long-term sustainability of the Fund.”
About the Eskom Pension and Provident Fund
The Eskom Pension and Provident Fund (“EPPF” or “the Fund”) is a major asset owner in the South African economy, with over R140 billion under management. EPPF members belong to one of the largest and most robustly funded pension and benefit schemes in the country – second only in size to the GEPF. It is a self-administered defined benefit pension fund that has approximately 80,000 members (active members, pensioners and beneficiaries).
A key measure of the Fund’s health is the funding ratio. The funding ratio is the market value of the Fund assets divided by the Fund liabilities. The EPPF’s funding ratio for each of the last 10 years has been greater than 100% indicating a very healthy financial state. The funding ratio was 115% (including all contingent liabilities) as of 30 June 2019. The Fund invests in various asset classes, and its investment performance is not linked to that of Eskom Holdings (SOC) Limited.
