1. Tony Remas 19 August 2013

2. FSLGAB - IMPACT ON TRUSTEES BILL In general Protection of savings It places a new obligations and duties on retirement fund trustees

3. FSLGAB – IMPACT ON TRUSTEES SECTION 7A – BOARD OF THE FUND Composition – comply with the rules Vacancies – filled within 30 days Trustees – prescribed skills & training 6 months from appointment Retain the level of skill throughout Removal of Board – other than expiry of term 21 days report perceived reasons for the removal Report to the Registrar Whistle blowing – Trustee must report matter to the Registrar

4. FSLGAB – IMPACT ON TRUSTEES SECTION C – OBJECT OF THE FUND Board members Act independently Comply with prescribed requirements

5. FSLGAB- IMPACT ON TRUSTEES SECTION C – DUITES OF THE BOARD Registrar – may precribe Disclosure to members Communincation to members Board (if rules allow) – delegate its duties to Another person Group of persons Committee of the Board

6. Presentation name NEW – SECTION F Provision – potential exemption of a Board member from joint & several liability In the event of litigation against the Fund Where the Board member is found to have acted  Independently  Honestly  Reasonably in the discharge of his/her duties

7. FSLGAB – IMPACT ON TRUSTEES All these additions add to the wide range of fund matters a Trustee is required to have a working knowledge and understanding of the following:

8. FSLGAB- IMPACT ON TRUSTEES Statutory & common law duties of retirement fund Trustees Law of persons Law of contract Good governance guidelines – Circular PF 130 Summarises statute & Common law Prudential investment guidelines as per Regulation 28 Accounting knowledge – sign off audited financials. Whistle blowing on material matters complex – require guidelines on what is material