September Newsletter and AGM Feedback

We are pleased to present you with feedback from our 2018 AGM.   Please review

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We are pleased to present you with feedback from our 2018 AGM.


Please review all the content and provide us with any contributions or comments.

September Newsletter and AGM Feedback
Jalda Hodges
CEO of the Board at The Institute of Bankers in South Africa


The following Directors were elected at the 114th AGM on 16 August 2018:

TN Agenbag  FIBSA                  Standard Bank
Mrs M Ferreira   FIBSA             ABSA Africa Group
Ms SN Govind  FIBSA               BASF
Ms JE Hodges  FIBSA               CEO, IOBSA
J Ncube  FIBSA                          Standard Chartered Bank
JCA Phillips  FIBSA                  ABSA Africa Group
S Stevens   FIBSA                     FNB
(CV’s of the Directors appear on the IOBSA website)

The Board of Directors meet monthly. As required, strategy planning days replace the monthly Board meeting. At their first meeting after the AGM the Directors elect a Chairman and Vice Chairman for the year. The IOBSA has a small Board, all of whom are volunteers.  There are only two committees of the Board and one sub-committee namely:

  • Finance Committee
  • Academic Committee
  • CPD Committee

The entire Board is responsible for the remuneration of staff and this is decided annually. Increases awarded are in line with the trend in the sector as well as the affordability of the organisation. The Board manages the finances of the IOBSA in a very prudent manner, to ensure that the organisation will have longevity.

The Directors of the Board are not remunerated for meetings and all meetings are held outside of normal business hours or over weekends. This was a decision taken by the Board in 2012 and has been adhered to since then. The Directors volunteer their time and expertise to the IOBSA based on their interest to give back to the sector. Additionally, it has been agreed that the IOBSA was not thus far in financial situation to remunerate Directors. The IOBSA has never in its 114 year history remunerated Directors.

Download Minutes of AGM here
Download Chairman Report here
Download CEO Report here
Download CVs of Directors here
September Newsletter and AGM Feedback


The Board strives to adhere to the 16 Principles contained in the King IV report in so far as it is realistically and contextually possible and as is proposed and interpreted. It serves noting that these are guidelines and not binding laws. In addition, there are somewhat reduced requirements for NPO’s.
The following are actions which the Board takes to focus on governance, but it is far from an exhaustive list:
The Board takes governance very seriously and it is one of the pillars of our business plan.
In ensuring good governance the:

  • Directors are elected by the members for a two year term
  • The Board of Directors elect the Chairman and Vice Chairman after the AGM each year
  • Directors are all responsible for the portfolio of Governance
  • All Directors are FICA’d and their qualifications verified
  • There is division of powers and the CEO has delegated authority
  • There is no remuneration of Directors
  • Minutes are taken at all Board meetings and Resolutions are specifically noted
  • There is proper oversight of meetings with a formal approved agenda
  • All meetings have a quorum present
  • Monthly Management Accounts are presented to the Board and approved. Board Directors are prudent in their management of members fees and income of the Institute. The focus is on sustainability of the organisation.
  • It’s financials are audited annually by an external auditor
  • An annual budget and business plan are approved by the Board. The Board focuses on the core purpose and direction of the organisation at its monthly meetings. All decisions are taken in line with these foci.
  • The Board is focused on managing and mitigating risk for the organisation
  • The Board reviews and updates various policy documents during the course of a year
  • The organisation complies with all legislative requirements as they are required of the organisation.
  • Staff remuneration is considered on the basis of affordability, performance and the current financial position of the organisation. Salaries are aligned to similar positions in the banks.
  • At all times the Board endeavours to ensure that the IOBSA is a responsible corporate citizen
  • All Directors of the Institute are members of the Institute of Directors and attend courses as and when.
  • The IOBSA has legal counsel to whom it defers as and when.
  • In the interest of transparency key documents are published from time to time on the website:


This is a service which the Institute offers to members. Professional Bodies are able, according to the Department of Home Affairs (DHA), to issue such letters. However, the IOBSA does not offer letters across all categories on the list as these are not all applicable to banking and financial services and the IOBSA is not necessarily regarded as the appropriate professional body to be issuing the letter. The list of critical skills under which financial services professionals can apply, is determined by the DHA and does not fall within the remit of the Institute. It is not possible to add categories to the list as the DHA determines which are areas of critical skill according to national priorities.


The Institute is a member of the Independent Professional Body forum which meets quarterly to discuss matters of common interest to Institutes. This forum has already drawn up the Parktown Agreement, signed by all Institutes belonging to the forum and which states that Institutes will recognise CPD credits from other member bodies, according to mutually agreed principles. It works closely with the Financial Sector Conduct Authority (FSCA) and other Institutes in the financial services sector to agree CPD principles and start a project on Learning Pathways. Notably it has strong working relationships with Financial Planning Institute (FPI), Insurance Institute of Southern Africa (IISA), South African Institute of Financial markets (SAIFM), Compliance Institute of South Africa (CISA), Institute of Risk Management of South Africa (IRMSA) and the Institute of Stockbrokers and the South Africa Venture Capital Association. It has thus far had no direct association or engagement with Association of Black Securities and Investment Professionals.
The IOBSA has close ties with both BASA and BankSeta.


The IOBSA has a Level 4 B-BBEE status and is an Exempt Institution based on its income level and staff complement. This status is confirmed annually by the Auditor.


The IOBSA is committed to transformation but as it is a members’ organisation it has no impact on the transformation agendas of service providers in the sector. This will form part of the role of BASA and also BankSeta as well as SASBO.
The Board is comprised of individuals who have the approval of their organisations to serve in this capacity. It has seven directors of whom one is black and one is Indian. As the composition of the Board changes annually this has also varied over the years. Members were invited to submit nominations for Board Directorship prior to the AGM in 2018 and no nominations were forthcoming.
The Board has adopted a strategy to recognise and co-opt potential black directors to the Board. These members will be drawn from amongst other areas, the Youth Forum,  and they will be mentored by the current Directors. In addition, it has requested two of the major banks to consider nominating a high potential black employee to be co-opted to the Board. The co-opted members will be eligible to be elected as Directors at the AGM of 2019. The Board has recognised the need for transformation as well as the fact that it needs to attract younger members to the Board. This will enable it to address the needs of the varied membership of the IOBSA.
Members will again be encouraged to nominate appropriate people to serve as Directors for the next AGM. Directors will continue to operate in a voluntary capacity and will not receive payment for attendance at meetings.


This charter was developed in consultation with affected institutions. An affected institution means every financial institution that takes designated investments. The IOBSA is a members organisation and has no role to play in this Charter. BASA, which represents the sector and SASBO who can engage on the part of members in view of the role it plays were consulted and are signatories. The IOBSA was not involved in 2002 when the Charter was first developed.


The IOBSA is a members’ organisation and it has no corporate members. To date it has not considered taking corporate members as its value proposition, although of value to the banks for compliance and for professionalism in the sector, is better suited to individuals.
The Board has discussed this matter at its meetings and remains of the opinion that it would be better served if banks could pay the membership fees for their staff rather than having the organisation as the member. The Institute is looking to ensure an annuity stream of income which is based on members renewing their membership annually rather than relying on corporate good will.


The IOBSA does not believe there is value in producing a glossy printed annual report. This has huge cost implications and little or no benefit for the enhancement of the image of the IOBSA. The Board will provide a digital report to publish on the website and  newsletters. With the limited finances available to the IOBSA it prefers to use these more productively to the benefit of members.


2016 182 24 429 111 181 32 959
2017 184 19 393 109 161 31 897
2018 162 23 338 98 129 27 777
Totals as of 16 August 2018.
The membership totals show the trend in membership. The reduction in FIBSA is because of members going on pension and cancelling their membership. Traditionally the IOBSA did not expect members to continue paying for membership once they retired. Also, the Board does not believe the IOBSA offers much value for retirees.
Applicants who become members via the critical skills route are required to remain as members for as long as they hold the visa. There are members in this category who fail to renew their annual membership but when they require a further critical skills visa, they are charged for all the years that their membership was inactive since the first letter was issued. No new letters are issued unless they are members in good standing.
Another reason for the variation in membership totals is the fact that members choose not to renew their membership when they receive their annual membership renewal letter. The most common reason is that they perceive they have not received sufficient value from the IOBSA and in times of economic constraint members give consideration to only paying for essentials.
Drop in membership is a reality for all professional and membership bodies and as stated in the report by the Chairman,  is one of the top risks facing professional bodies. Membership of more than one professional body by a member is certainly on the decline and is based on affordability and all Professional Bodies are competing for the share of wallet of potential members with other bodies.
September Newsletter and AGM Feedback


Premium professional development opportunities developed by the IOBSA

  • CPD accreditation and platform
    • The Institute, as a Professional Body, has an important ongoing role to play in the Fit and Proper requirements for all FAIS affected staff. CPD is a key requirement for Fit and Proper. According to Board Notice 194 of 2017 the following are the requirements for Fit and Proper for each of the categories of FSPs, key individuals and representatives:
    • Personal character qualities of honesty and integrity
      • Good standing
      • Competence
      • Continuous professional development
      • Operational ability
      • Financial soundness
    • CPD means continuous professional development and a recognised CPD activity according to the Board notice and one which will be recognised by the FSCA, needs to  be accredited by a Professional Body and be verifiable.
    • The IOBSA has developed a CPD platform to allow members to record their CPD activities, ensuring that they are in fact verifiable. This will assist those requiring to be FAIS compliant to be able to prove this. The IOBSA will also make verifiable CPD content available to assist members and it is currently in the process of accrediting courses from providers for CPD credits. The IOBSA will not be charging members for any CPD content it makes available.
  • Chartered Banker (SA)
    • The IOBSA is introducing a new designation which will be the Chartered Banker. (see CEO report). More information on this will follow
  • RPL
    • The RPL offering of having members improve their designation level is gaining some momentum and drawing cancelled members back to the Institute. We have received a number of success stories from members who have benefitted in their workplace as a result of obtaining one of the higher level designation through the formal RPL process. Although it does not provide the member with the underlying NQF level qualification it is a measure of the experience and professionalism of the member. There has been interest in this process and to date we have RPL’d members across all the designations.
  • NCA Regulatory Examinations
    • The IOBSA runs NCA examinations which produce an income stream. This is a regulatory requirement for Finance and Insurance agents within motor dealerships who arrange finance for the purchase of cars on behalf of customers.
  • Critical Skills letters
    • The critical skills letters are another source of revenue and membership value add for a specific category of new members.
  • Business Process Engineers chapter
    • We are exploring the concept of a chapter for Business Process Engineers within the financial services space as a division of the IOBSA which will also drive additional membership for an area which till now has probably not seen the need to join a professional body. The need has arisen from people employed in that capacity within certain banks.
  • The Youth Forum
    • The Youth Forum is being established to gain insight from an important stakeholder group and this will also be intended to increase the value proposition for younger members thereby encouraging membership uptake. Applications to join this committee have been circulated to members and 20 members have responded. The first meeting of the committee will be held on 2 October.
    • Above all the IOBSA looks to members to also guide the Institute and feed through ideas to grow the Institute.
  • Bank engagement
    • The CEO continues to meet with representatives at all levels to promote and explain the role of the Institute. Directors also play a role in promoting the Institute within their organisations. Meetings have been held with Deputy Governor Kuben Naidoo of the SARB, Sim Tshabalala, CEO of the Standard Bank Group and a further meeting has been scheduled with Ms Maria Ramos of ABSA Africa Group.
    • It is meeting with the sector, through the CEO’s, to further expand on the role of the IOBSA and the designations which speak to professional competence. The most important purpose of these meetings is to expand the member numbers of each of the banks with regard to IOBSA membership.
The IOBSA Board continues to strive to add value for members and the staff are committed to service delivery.

Please remember all ideas, comments or complaints are welcomed!
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