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The future of the South African savings, investment and insurance industries must be driven strategically at the highest level and without any bias. Therefore, our key approach at ASISA is about achieving balance and democracy within our structures.
Balance... ASISA membership can only be attained at the highest appropriate level in a company's corporate structure, never at a subsidiary company level. In addition, members can only be represented on the ASISA Board by their most senior representative. The aim is to ensure that high level strategic thinking shapes the future of the financial services industry, and not product aligned agendas. This will enable ASISA to take decisions that will take into consideration the impact on an investor’s entire basket of investments, irrespective of the investments that make up the portfolio.
All ASISA members are required to subscribe to a Code of Conduct - acceptance must be pledged by a member's most senior representative. The new ASISA Code of Conduct is currently being drafted by a dedicated team. Until this Code is in place the Codes from the former ACI, IMASA, LISPA and LOA remain binding on the various industries represented by ASISA.
Democracy … ASISA applies the principle where a full member can vote only once, and not per unit trust or life license held. This means that the big conglomerates will have the same vote as a small independent company. The ASISA founding statement commits ASISA and its members to the principle that the consumer's best interest will govern all decision making. At the same time, the importance of minority views will be recognized, processed and presented together with the majority view.