Board of Trustees
The trustees of a retirement fund have a responsibility to monitor and manage the Fund’s investments in accordance with set laws that tell them how a fund’s assets may be invested.
The Fund’s member-elected trustees are available if you would like to talk to them about Fund issues, queries, etc. Please feel free to contact them – their details are listed below.
Read the Fund Rules of the Woolworths Group Retirement Fund here.
Read the Amendments to the Fund Rules of the Woolworths Group Retirement Fund here.
Annual report
The Board of Trustees (“The Board”) is pleased to advise members that the Fund’s audited annual financial statements for the financial year ended 29 February 2024 have been submitted to the Financial Sector Conduct Authority (“FSCA”). The Fund received an unqualified audit opinion from its external auditors, and the Fund’s actuary has confirmed that the Fund remained in a sound financial position as at the financial year-end.
Read the Board of Trustees Annual Report for 2024 here.
Member-elected trustees
The following trustees have been elected by you, the Fund members.Shane Thomas
Mandla Skosana
HRA: Supply Chain & Logistics – Midrand Campus
Tel: 012 621 6146
E-mail: mandlaskosana@woolworths.co.za
Belinda Modiba
Store Admin DM ( HR ) – Eastgate
Tel: 011 677 4511
Lefu Mabula (Alternate Trustee)
Operations Manager – Perishables: Midrand Distribution Centre
Tel: 031 710 1400
E-mail: lefumabula@woolworths.co.za
Kay Raidoo (Alternate Trustee)
Head of Division 3 – KwaZulu-Natal and Eastern Cape
Tel: 031 276 3151
E-mail: kayraidoo@woolworths.co.za
Woolworths-elected trustees
The following trustees have been elected by Woolworths.Julian Novak (Chairperson)
Bradley Nitsckie
Cornelius du Plessis
Group Head of Remuneration and Benefits
Tel: 021 407 2494
Justin Crowhurst (Alternate Trustee)
Anil Narshi (Alternate Trustee)
Duties of the Board of Trustees:
- The Board is responsible for the proper and sound management of the Fund, in terms of these Rules.
- The Board must act with due care, diligence, skill and in good faith.
- Members of the Board must avoid conflicts of interest, and must declare any interest they may have in any particular matter serving before the Board.
- The Board must apply sound business principles and ensure the financial soundness of the Fund.
- The Board must appoint a principal officer who is fit and proper to hold such office and may appoint any staff which in its opinion are required for the proper execution of the business of the Fund, and shall determine the terms and conditions of service of the principal officer and of any person employed by the Fund.
- The Board must ensure that the relevant minutes, accounts, entries, registers and records as are essential for the proper functioning of the Fund are kept.
- The Board must ensure that proper control systems are employed by and on behalf of the Fund.
- The Board must ensure that adequate and appropriate information is communicated to the members regarding their rights, benefits, contributions and duties in terms of the Rules.
- The Board must take all reasonable steps to ensure that contributions are paid timeously to the Fund in accordance with the Act and the Rules.
- The Board must take about and maintain professional indemnity insurance and fidelity guarantee insurance.
- The Board must obtain expert advice on legal, accounting and business matters as required, or on any other matter of which the members of the Board may lack sufficient expertise.
- The Board must ensure that the Rules, the operation and administration of the Fund comply with the provisions of the Act and all other applicable laws.
- The Board must take all reasonable steps to protect the confidentiality of medical records concerning any beneficiary’s state of health.
- The Board must approve all disbursements.
- The Board must ensure that any mortgage bond, title deed or other security belonging to or held by the Fund, except when in the temporary custody of another person for the purposes of the Fund, is kept in safe custody, in a safe or strongroom at the registered office of the Fund or with any financial institution approved by the Board.
- The Board must make such provision as it deems desirable, and with due regard to normal practice and recommended guidelines pertaining to the retention of documents, for the safe custody of the books, records, documents and other effects of the Fund.