Profmed is governed by a Board of Trustees in accordance with the Medical Schemes Act No. 131 of 1998, as amended. The Board of Trustees places a high priority on good governance to ensure the effective management and functioning of the Scheme, and to safeguard the interests if members.
The King Report on Governance for South Africa (King IV) sets the standard for good corporate governance. The Board has adopted the recommendations as set out in King IV to ensure that the Scheme is managed according to best-practice governance principles.
The Board has established various committees to assist it to effectively discharge its duties. These are the Medical Committee and the Investment Committee, which are standing committees, and the Audit and Risk Committee and Remuneration Committee which are independent committees. The Nominations Committee is an ad hoc committee. These committees are constituted annually by the Board to ensure their relevance, and the effectiveness, and the inclusiveness of appropriate skills and expertise from the board as well as independent experts.
The Scheme’s Principal Officer and Chief Executive (PO/CE) is appointed by the Board. The PO/CE executes the Board’s decisions, implements the Scheme’s strategy and manages the daily operations of the Scheme.
The pillars upholding the Scheme’s governance are the:
- Medical Schemes Act No. 131 of 1998 (as amended);
- Rules of the Scheme;
- King Report on Governance for South Africa (King IV).
The Board annually reviews compliance with these tenets of governance.
For purposes of disclosure, the documents below provide further insight and transparency into Profmed’s compliance with King IV Principles;
- Annual Integrated Report 2017;
- Compliance with King IV Principles;
- Profmed Charter, incorporating the Code of Conduct and Conflict of Interest Policy;
- Audit and Risk Committee Charter;
- Board and Board Committee self-evaluation reports;
- Profmed Remuneration Policy;
- Remuneration Committee Terms of Reference;
- Governance Processes and Policies.