AGRF Board Appraisal

ALLAN GRAY RETIREMENT ANNUITY FUND
ALLAN GRAY PENSION PRESERVATION FUND
ALLAN GRAY PROVIDENT PRESERVATION FUND
(THE FUNDS)

BOARD APPRAISAL

The purpose of this appraisal is to gauge the success of the boards in governing the funds. The Funds and the Sponsor have agreed that the good governance of the Funds is demonstrated by the extent to which the Funds achieve the following governance purposes:-
• ensuring that the benefits promised in terms of the rules of each Fund are actually delivered;
• ensuring that the risks associated with the delivery of the benefits are managed;
• ensuring that the costs in each fund are transparent and justifiable;
• ensuring that there is a demonstrably trustworthy process in delivering the benefits.

The appraisal measures the performance of each board as a whole (the trustees and the principal officer) because the primary function of the board is to govern the fund on a collective basis. Because the governance purposes cannot be measured directly, the appraisal follows the format of PF 130 in assessing the performance of the board in (a) managing itself and (b) managing the fund business. The board of each of the Funds comprises the same trustees, and all board and sub-committee meetings are held as joint meetings. Accordingly this appraisal covers all three boards.

This appraisal, which is in the form of a questionnaire and takes about 15 minutes to complete, must be completed by each trustee, the principal officer, the representative of the Sponsor and the representatives of the Administrator. The data will be collated in confidence by the Chair of the boards.

Please give reasons if there is any trustee (or the principal officer) who causes you concern in respect of his or her performance or disruptiveness. This will be managed in confidence by the Chair privately with that trustee or the principal officer, and only if that is not successful, by the boards as a whole.

The appraisal does not measure the performance of individual trustees. Our Code of Conduct refers to trustee education, but this may be more usefully read as our professional development as trustees. Professionals strive for continuous improvement and adaptation in their own practice. At this time therefore you are encouraged to also consider the requirements of your role, reflect on what you did well in 2016, what you learnt ‘on-the-job’, and what could have been done better. Consider how you could implement these learnings in 2017.

The collated results of this appraisal will be discussed at the March 2017 boards meeting. At that meeting it would be helpful to review the collated results from the previous board appraisal; and to discuss and put into action ways in which the boards can enhance their performance as a result of what the collated results of the appraisal reveal.

Please rate each question on the following scale, and where applicable provide comments &/or suggestions:
1 = POOR; 3 = NEEDS ATTENTION; 5 = GOOD; 7 = VERY GOOD; 9 = EXCELLENT