Delivering on

members’expectations
Galvanised by the Department of Trade and
Industry’s recently launched South African
Automotive Masterplan (SAAM), which followed
an extensive stakeholder engagement process
and resulted in the tabling of clear objectives
through to 2035, South Africa’s automotive
industry is poised for positive growth in the
medium to long-term.

Andrew Kirby, chairman of the National

Association of Automobile Manufacturers of
South Africa, commenting at the NAAMSA
automotive conference late last year, endorsed
the DTI’s efforts by saying: “Despite the many
challenges we face, there is an air of optimism
amongst all members of the South African Back Row Left: Radesh Maharaj - Principal officer, Gerald Leith – Trustee; Chairman of the Administration and
Communication Committee, Anesh Soonder – Chairman of the Board, Jakkie Olivier – Trustee; Chairman of the
motor industry regarding the aspirational vision Remco, Kutlwano Mokhele – Trustee. Font row Left: Ettie Claassen – Chief Operating Officer and Chief Financial
Officer, Mantuka Maisela – Independent Trustee; Chairman of the Investment Committee, Hermann Köstens –
of the upcoming Automotive Masterplan as the Trustee, Mike Motsoane - Trustee. Absent – Basil Cele - Trustee.
path to the future.”

This positive prognosis, however, is coupled with the challenge of rapid technological developments in vehicles, and an apparent need for the
SA industry to focus on the rest of Africa as the only ready market for the significant increase required in production output for the industry to
sustain itself. And this, combined with the growth of web-based ride-sharing and car-hailing apps, means the industry has to adapt to an era
of unprecedented change.

These positive and challenging developments have not gone unnoticed by the forward thinking board of the Motor Industry Retirement
Funds (MIRF). Realising that their retirement products and service offering — aimed exclusively at the specific needs of automotive industry
employees — need to keep pace with the changes forecast, the board has embarked on a brand reengineering drive they believe will further
enhance their relationship with their 250 000 members.

“In order to avoid confusion with similar sounding acronyms in our industry, the board has also decided to rebrand the funds to Motor Industry
Retirement Funds (MIRF),” says Radesh Maharaj, recently appointed Principal Officer of the fund. Maharaj says he is acutely aware that the
funds’ current culture needs to move with the times and its board needs to ensure it makes sound and transparent decisions in keeping with
market changes and members’ expectations.

“Because of the need to up our game before announcing our intentions to our members and the automotive industry at large, we are
embarking on a comprehensive staff education and motivation programme to ensure we can deliver what we promise,”recently appointed
COO and CFO of the Motor Industry Funds Administrator Pty (Ltd) (MIFA) Ettie Claassen concludes.

As part of their determination to keep up with the times and better communicate with their members, MIRF will also soon launch a significantly
more user-friendly website as well as an app aimed at better assisting their members with product information and queries.

Although MIRF already boasts assets in excess of R36 billion and has a board loaded with automotive industry leaders, the funds are clearly not
content to rest on their laurels. The board believes the positive growth forecast for SA’s automotive industry could make for a significant increase
in their member base and the size of the portfolio they administer; but only if they evolve and actively engage with the fast-changing landscape.

Asked for their opinions on ways to best improve MIRF’s growth over the next 5-10 years, Board members, Kutlwano Mokhele and Jakkie Olivier,
said MIRF could best capitalise on the predicted industry growth if they can stave off market share challenges from competing umbrella funds by
continuing to provide consistently good returns and even better value for money to their members through cost reductions.

Retirement funds that deliver

275 Kent Avenue, Ferndale, Randburg, 2125 I Private bag X10095, Randburg 2125 I Tel: (011) 561-9300 I Fax: (011) 787-3046/787-2849

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