Wednesday, 12 August 2020

IRFA recognises transport sector retirement fund for it's overall excellence with coveted Industry Best Practice Award

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IRFA recognises transport sector retirement fund for it's overall excellence with coveted Industry Best Practice Award

Johannesburg – Despite current challenges as a result of the world wide impact of the Coronavirus, the Institute of Retirement Funds Africa (IRFA) proceeded to announce its annual industry awards at the end of July 2020.

The aim of the IRFA Best Practice Awards is to showcase and recognise international benchmarks, outstanding business practices and research which ultimately positively impact of the lives of members of retirement funds. “With these annual awards, we acknowledge the excellence reflected in the Africa Continent Retirement Sector, and rewarding best standards and practices,” said IRFA president Enos Ngutshane to participants during the online awards ceremony.

Best practices are judged and recognised in six categories, namely:

  • Governance
  • Stakeholder Engagement and Education
  • Trustee Development
  • Transformation
  • Investment Practices
  • Financial Management and Reporting

Following the category awards, a prestigious Gold Standard Award is bestowed by IRFA on an overall winner who has performed outstandingly across all standards, and exceeded the standards of excellence set by its industry peers.

For the second year in a row, the Transport Sector Retirement Fund was chosen by the international panel of judges as IRFA’s overall Gold Standard Award Winner.     

IRFA judge and chartered PR practitioner, Festus Masekwameng, commented on the entries received for the 33rd IRFA Awards during 2020, saying “The entry from the Transport Sector Retirement Fund ticked all the boxes across all categories. They showed great compassion with their audience across all levels and collaborations, as well as with other stakeholders. The TSRF showed innovation and maturity, and presented some incredible case studies in facing challenges and balancing the conflicted needs of stakeholders.”

Recognition of peers serves as further encouragement to excel on behalf of members

The Transport Sector Retirement Fund is honoured to have been awarded the Gold Standard Award for its efforts to build better futures, but also for the recognition received for its Stakeholder Engagement and Education initiatives and its response to the Covid-19 pandemic.

“This auspicious award, together with our history and the lessons learned in the past, are particularly meaningful at a time when our industry – the transport sector –  and indeed our economy and our nation, are under severe pressure,” said Joe Letswalo, principal officer of the TSRF upon acceptance of the IRFA award.

“The recognition from our peers encourages us to push ahead, to tackle our challenges head on, and to remain nimble and adaptable in our approach to create financial stability for our members. It is they who are at the heart of all that we do. We are painstakingly aware of the fact that our success guarantees the future well-being and financial security of our members.

This award, thus, is a meaningful acknowledgement of our efforts to listen and be attuned to the needs and aspirations of our members; and to preserve and deliver value in support of their future financial well-being,” explains Letswalo.

The Transport Sector Retirement Fund’s success is shared by all our stakeholders, including our members and service providers.

“The vision of our Board of Trustees is supported by our asset managers, who have work tirelessly to develop impact investment initiatives as an asset class with the ultimate aim of driving economic development, empowerment and job creation.”

Going forward, the Fund remains committed to three key principles:

  • Broad-based economic empowerment
  • Transforming members’ lives, and
  • Transforming society through impact investments

Apart from creating safe and efficient transport hubs such as truck stops along major routes, the TSRF also invests in mixed-use spatial development projects in the Western Cape and  in Gauteng. The Fund believes its impact investment strategy is setting the tone for boosting economic growth and maximising investment returns.

The Fund and its aligned stakeholders are committed to:

  • Socio-economic consciousness
  • Finding the right balance in terms of our investment approach
  • Moving our members, stakeholders, and indeed the country forward to a more inclusive economic reality; and playing our part to help create a better future for all. 
  • Upholding best business practices and good governance principles
  • Being cooperative
  • Being resourceful and innovative, and 
  • Taking calculated risks

Dedication to building lasting legacies

The Transport Sector Retirement Fund dedicates its 2020 Award to the legacy of its deputy chairman, Mr Johnson Gamede, sadly passed away on Monday, 27 July 2020.

“Thank you for recognising our efforts. You encourage us to do even better as we continue to also honour Mr Gamede’s life’s work in our perseverance to create better prospects and futures for our members,” ends Letswalo. 

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Note: Photographs available if required.

Issued by: Anita Heyl
On behalf of: Transport Sector Retirement Fund
Contact: 082 922 7354