Corporate Governance in South Africa

South Africa is a highly regulated market, with no less than 50 statutes that have to be adhered to in the insurance industry. HDI-Gerling Insurance of South Africa Limited has designed a unique system of dealing with this complex and mammoth issue through a systematic differentiation and ultimate integration of the recommendations of the King III report.

Privacy Disclaimer

HDI-Gerling Insurance of South Africa Limited does not make representation that information and materials on this site are appropriate for use in all jurisdictions available on the web, or that transactions, securities, products, instruments or services offered on this site are available or indeed appropriate for sale or use in all jurisdictions, or by all investors or other potential clients. Those who access this site do so on their own initiative, and are therefore responsible for compliance with applicable international and local laws and regulations. Any disputes, which might arise, will be governed under South African law and proceedings shall be conducted in a South African forum. The site is merely an invitation and not an offer and any agreements will be deemed to be formed in South Africa at the time HDI-Gerling Insurance of South Africa Limited accepts any offers. By accessing each site, the entrant has agreed that he/she has reviewed the site in its entirety including any legal or regulatory rubric. No personal information will be gathered about visitors.

The Board

The board is presently made up of one executive director and four non-executive directors.

The chairman is Mr. J. Wohlthat, who represents our parent in Hannover, Germany.

The board is supported by the company secretary in accordance with section 268 of the Companies Act.

Board Committees

The board committees are Audit and Risk (ARC), Human Resources and the Investment Committee.

These committees are chaired by non-executive directors.

Governance Manual

The Governance Manual is the key document of the organisation. It follows the structure of the King III Report on Governance, and has three appendices including popular summaries of law, pertinent legislation and detailed legislation.

The most relevant pieces of legislation are the Companies Act, Short Term Insurance Act, Financial Advisory and Intermediaries Act (FAIS) and the Income Tax Act.

The manual is continuously updated as and when changes occur.

Code of Conduct

The governance manual includes a detailed Code of Conduct.

In addition to this, staff follow the SAIA Code of Conduct.

External Auditors

The independent external auditors are KPMG.

Financial Advisory and Intermediaries Act (FAIS)

HDI-Gerling Insurance of South Africa Limited has, in addition to its short term insurance licence, issued in 1998, obtained its FAIS licence in 2005.

Financial Reporting Standards and Financial Statements

Cognisance is taken of IFRS developments which is supported locally by SAM (Solvency Asset and Management) model which the FSB is developing, in consultation with the South Africa Revenue Services and the South African Institute of Chartered Accountants.

Self regulatory bodies

The Financial Services Board

The Financial Services Board (FSB) is based in Pretoria, the administrative capital of South Africa. The FSB is the registrar and monitoring body for financial institutions. Its reporting line is to the Ministries of Finance and Trade and Industry.

The South African Insurance Association

The South African Insurance Association (SAIA) is an umbrella, non-profit organisation where most insurers and re-insurers are represented. It has a structure of committees, notably the Legal and Compliance Committee, the Finance Committee and the Technical Committee. HDI-Gerling Insurance of South Africa is actively represented on all these committees.

Attorneys

HDI-Gerling uses a panel of attorneys. These are utilised on demand, depending on the nature and complexity of the matters or claims in dispute.

Legal compliance to the statutes of parliament is done internally, in consultation with SAIA and the panel of attorneys, where required.

Company Secretarial

The company secretary is Mr K Croly, and is appointed in terms of section 268 of the Companies Act, the main function to support the board, especially on legal matters.

Copyright

The copyright owner (HDI-Gerling) hereby grants visitors to this worldwide webpage a license to make one free copy of the information contained hereon for personal use only. All brand names and product names used on this page are trademarks/tradenames of the respective holders. You are granted access conditionally upon your agreement to accept the application of South Africa law to govern matters between us in relation to this website and you agree to indemnify us and not to hold us liable for any action you may take based on any material contained herein.

 


Back Top


© 2011 HDI-Gerling www.hdi-gerling.com Supplier / Imprint