|The Board and Board Committees|
The Board is made up of thirteen (13) members. Three of them represent Employers, three represent Employees, three represent theGovernment of Swaziland, and two represent the Swaziland National Council and finally the Chief Executive Office of the Fund.
In compliance with international benchmarks, particularly the King II Report, the Board has five sub-committees:
The Remunerations Committee advises the main Board on all issues of personnel policies, salaries structure and benefits packages for staff members.
The Audit Committee also meets quarterly. Its main purpose is to plan and support the audit of major functions like budgets and organizational systems.
The Benefits Committee is mainly responsible for advising the Main Board on products and other benefits that may be introduced for members of the Fund.
The Ethics Committee advises the Board on all matters relating to the Code of Ethics. They develop and apply guidelines for ensuring ethical behavior and resolving ethical conflict.
The Investment Committee is a separate committee from the Board and meets once a quarter. It is made up of experts on issues of finance and investments but is subordinate to the Board. During these quarterly meetings, the Committee takes decisions that give direction to the Fund’s investment strategies. It is also in these meetings where reviews of the performance of the entire Fund’s Fund Managers are conducted.
"Other first-rate investments that the Board has embarked on include the purchase of 30%from SIDC, acquiring 51% at Happy Valley Resorts and 15% from Old Mutual Swaziland.....
Read the full statement in the 2012 Annual Report