INDEPENDENT PROFESSIONAL BODY FORUM AND ASSOCIATIONS
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.
FINANCIAL SECTOR CHARTER
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.
FORMAL ANNUAL REPORT
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.