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Sunday, January 1, 2012
Equal vote

The Fiduciary Institute of South Africa (FISA) has adopted a new constitution, which means that FISA will now be driven by individual members as opposed to corporate members.


Speaking at a special general meeting in Johannesburg last December, FISA Chairman John Gibson said the resolution on a new constitution was passed unanimously with no abstentions.
“This is an important step forward,” he says, “as it reflects FISA’s rapid growth. Whereas the 21 corporate members were needed to drive the initial growth of the institute, we have now democratised the structure so that all 600 members’ voting rights are equal.”
The new FISA constitution allows the following:
• the council (previously the executive committee) will be elected by individual members, not by the corporate entities
• each of the five FISA regions will have a committee and not just a chairperson
• regional members will appoint a regional committee
• regional structures will be formalised by means of regional rules and regulations
• a CEO may be appointed if needed

Commenting on the development of regional structures, Mr Gibson said that this was an important part of FISA’s vision of uplifting fiduciary standards across the entire country. At present the institute does not have a permanent office nor full-time employees but this would change in due course. , said Mr Gibson.

FISA

The Fiduciary Institute of South Africa (FISA) is a non-profit organisation that represents fiduciary practitioners and sets high minimum standards for the industry to protect the public’s interests.
Activities of FISA members include but are not restricted to the drafting of wills, administration of trusts and estates, tax and financial advice and the management of client funds.
FISA has 22 corporate members and 620 individual members, who collectively manage in excess of R250 billion.
The institute works closely with government to assist in reducing unnecessary cumbersome legislation and to streamline many processes, particularly within the office of the Master of the High Court and SARS.
For a FISA practitioner in your area email secretariat@fidsa.org.za. For more information about FISA visit www.fidsa.org.za

Copyright © Insurance Times and Investments® Vol:25.1 1st January, 2012
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