FMA Committees

Purpose:

The Executive Council comprises all of the FMA members with Jonathan Stichbury, MD & CEO, Sanlam Investments East Africa as Chair and Rebecca Tiba, General Manager, Madison Investment Managers as Vice Chair.

The FMA Executive Council meets at least four times a year to:

1. Discuss and ratify decisions on matters of interest to the members including;
   • Industry development
   • Regulatory issues
   • Staff training
   • Industry infrastructure
   • Quarterly networking plans
2. Implement the Association’s strategy
3. Approve budgetary spending;
4. Approve and welcome new members to the Association;

Membership:

Each FMA member is represented on the FMA Executive Council through its CEO (or equivalent).

Current Members:

Each of the above also has an appointed alternate who can take their place at meetings when they are not available.

Purpose:

The Internal Committee comprises of the Chair, Vice-Chair and immediate past Chair.

The roles of the Internal Committee shall include but are not limited to:

1. Resolving disputes between or amongst FMA Members (including Members’ staff) on FMA related matters;
2. Receiving, investigating and resolving complaints from non- FMA Members;
3. Determining disciplinary action for Members who violate FMA Code of Conduct and Rules; and
4. Directing the Secretariat.

Current Members:

1. Patrick Kariuki: GenAfrica Asset Managers – Chair
2. Stanley Mutuku: CIC Asset Managers – Vice Chair
3. Jonathan Stichbury: Sanlam Investments East Africa – Past Chair

Purpose:

The Stakeholders Committee is a high-level forum that enables members of the FMA review, discuss and interrogate matters concerning stakeholders in the Fund Management industry. These include the following:

1. Kenyan & Regional Regulators: Some of them being, Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Central Bank of Kenya (CBK), Insurance Regulatory Authority (IRA); Kenya Deposit Insurance Corporation (KDIC).
2. Professional Bodies – CFA Society East Africa, Institute of Certified Public Accountants (ICPAK), Institute of Certified Public Secretaries of Kenya (ICPSK); Institute of Certified Investment & Financial Analysts (ICIFA); Chartered Institute for Securities & Investments (CISI)
3. Legislative arm of government – Parliament and the Senate.
4. Other Government Bodies – National Treasury, Unclaimed Financial Assets Authority (UFAA), Council of Governors,
5. Industry Associations – Association of Kenya Insurers (AKI), Kenya Association of Stockbrokers and Investment Bankers (KASIB), Scheme Administrators, Custodians; Association of Retirement Benefits Schemes (ARBS), Kenya Institute of Bankers (KIB), Kenya Bankers Association (KBA), Riets Association on Kenya (RAK), Association of Collective Investment Schemes (ACIS)
6. Educational Institutions – Universities, College of Insurance
7. Multilateral institutions – World Bank/IFC, IMF, African Development Bank (AfDB) etc
8. International Partners – Association for Savings and Investment South Africa (ASISA)

Authority:

The SHC is an appointed Committee of the FMA for the purposes described above. The Committee shall Report to the FMA Executive Council.

Objectives:

1. To engage with stakeholders on important developments affecting the Fund Management industry for mutual benefit;
2. To propose responses to existing and emerging issues identified;
3. To enhance the relationship between stakeholders and the FMA and raise its profile;

Membership:

1. The Committee comprises appropriately senior practitioners from key active FMA member firms. Members are invited by the Chair due to their seniority, and experience in combination with the level of appropriate market activity.
2. The Chair will be deputised by a Vice-Chair
3. Generally membership is on an individual rather than on a firm basis. Therefore, a member who steps down cannot automatically pass on their seat to a replacement within their firm.

Organisation of the Committee

1. Meetings will be held a minimum of four times per year but can be held more frequently if required. Members should attend the meetings themselves.
2. Agendas will be circulated one week in advance of meetings. The Committee may create temporary sub-committees as required in the light of market developments with agreed terms of reference.
3. In some instances the meetings can be held via Tele-conferencing.

Governance

1. Draft non-attributable minutes of meetings will be circulated to members and when these have been agreed by the Committee, they will be adopted by the committee.
2. Decisions of the Committee will usually be made by general consensus but the Chair may ask for a decision by majority vote if agreement cannot otherwise be reached.
3. The committee requires a 50% attendance, in addition to the Chair, to be quorate. If the committee is not quorate then meetings may proceed, however, the committee shall not be able to make decisions.

Evaluation:

The Executive Council will evaluate the performance of the Committee. The performance of the Committee will be assessed against the accomplishment of yearly objectives/deliverables. This review will take place immediately prior to the Annual General Meeting.

Reporting:

Committee reports will be provided in writing, to the Executive Council (EC) no later than one week following each meeting; a summary report at EC meetings and a final report at the Annual General Meeting (AGM).

Current Members:

Purpose:

The Public Markets Committee (PMC) provides a senior-level forum to enable FMA membership, discuss and interrogate issues concerning the Kenyan Securities Markets with specific focus on assets classes in the Public Market. The institutions involved being the Nairobi Securities Exchange, Capital Markets Authority, Central Bank, National Treasury and the Central Depository & Settlement Corporation.

Authority:

The PMC is an appointed Committee of the FMA for the purposes described above. The Committee shall Report to the FMA Executive Council.

Objectives:

1. To discuss important domestic and global market or structural developments affecting the Kenyan Public Market.
2. Where appropriate, to propose responses to any issues identified.
3. To aid understanding and enhance monitoring of the functioning of the Public Markets.
4. To engage with the Capital Markets Authority and the Nairobi Securities Exchange to facilitate the development of the Public Markets.

Area of Responsibility:

The PMC will be responsible for providing advice to members on the following key areas within Public Markets. They are:

• Stocks
• Bonds
• Cash & Money Market
• Commercial Paper
• Private Placements
• Derivatives & Commodities from Public Market instruments
• REITs

Membership:

1. The Committee comprises appropriately senior practitioners from key active FMA member firms. Members are invited by the Chair due to their seniority, and experience in combination with the level of appropriate market activity.
2. The Chair will be deputised by a Vice-Chair
3. Generally membership is on an individual rather than on a firm basis. Therefore, a member who steps down cannot automatically pass on their seat to a replacement within their firm.

Organisation of the Committee:

1. Meetings will be held a minimum of four times per year but can be held more frequently if required. Members should attend the meetings themselves.
2. Agendas will be circulated one week in advance of meetings. The Committee may create temporary sub-committees as required in the light of market developments with agreed terms of reference.
3. In some instances the meetings can be held via Tele-conferencing.

Governance:

1. Draft non-attributable minutes of meetings will be circulated to members and when these have been agreed by the Committee, they will be adopted by the committee.
2. Decisions of the Committee will usually be made by general consensus but the Chair may ask for a decision by majority vote if agreement cannot otherwise be reached.
3. The committee requires a 50% attendance, in addition to the Chair, to be quorate. If the committee is not quorate then meetings may proceed, however, the committee shall not be able to make decisions.

Evaluation

The Executive Council will evaluate the performance of the Committee. The performance of the Committee will be assessed against the accomplishment of yearly objectives/deliverables. This review will take place immediately prior to the Annual General Meeting.

Reporting

Committee reports will be provided in writing, to the Executive Council (EC) no later than one week following each meeting; a summary report at EC meetings and a final report at the Annual General Meeting (AGM).

Current Members:

Mandate:

The Fund Managers Association (FMA) was formed in 2008 with the objectives of promoting integrity and professionalism in the market, educating members’ employees, clients, intermediaries and other stakeholders as well as effectively lobbying regulators. The committee shall promote and drive industry initiatives that underpin the growth and development of Alternative Investments (AI) to members of the FMA

Key Duties:

• Seek to grow members’ knowledge with regard to new trends in AI, not only within the East Africa region, but also within other Regions across the Globe;
• To propose a Code of Conduct for practitioners in AI in line with FMA code of conduct
• Manage relationships with local or other stakeholders with regard to AI;
• Inform members of new regulations with regard to AI;
• Make recommendations to members on new opportunities with regard to AI;
• Engage with the regulators on matters regarding AI
• Increase public awareness and education of AI as an Investment class; and
• Strive to ensure there is growth within the local AI field.

Authority:

The Alternative Investments Committee (AIC) is an appointed Committee of the FMA for the purposes described above. The Committee shall Report to the FMA Executive Council.

Term:

Two year term, renewable with a 50% retention.

Areas of Responsibility:

The AIC will be responsible for providing advice to members on the following key areas within AI. They are:

• Venture Capital and Private Equity
• Structured Debt Funds
• Infrastructure/Public Private Partnerships (PPP)
• Derivatives & Commodities
• Real Estate
• Any other AI products Eg, Block Chain, Artificial Intelligence.

Composition:

Membership shall consist of a chairman who was elected during the FMA Executive Council Meeting, a Vice-Chairman and a maximum of eight other members. Each member firm of the FMA shall nominate one member and the chairman shall invite members to the committee from the seconded parties. The FMA Secretariat shall serve as the Sub-Committee Secretary.

Term:

Two year term renewable with a 50% retention.

Meetings:

The Committee shall meet quarterly and additionally as required. Notice of meetings shall be given to all Committee members. Meetings may be held in person or via teleconference. A majority of the voting members of the Committee shall constitute a quorum for a meeting. Decisions shall be made through a majority vote of members present in a meeting.

Evaluation:

The Executive Council will evaluate the performance of the Committee. The performance of the Committee will be assessed against the accomplishment of yearly objectives/deliverables. This review will take place immediately prior to the Annual General Meeting.

Reporting:

Committee reports will be provided in writing, to the Executive Council (EC) no later than one week following each meeting; a summary report at EC meetings and a final report at the Annual General Meeting (AGM).

Current Members

Purpose:

The Collective Investment Schemes Committee (CISC) is a forum that enables members of the FMA review, discuss and interrogate matters concerning the Collective Investment Schemes industry.

These include the following:

1. Kenyan & Regional Regulators: Some of them being, Capital Markets Authority (CMA), Retirement Benefits Authority (RBA), Central Bank of Kenya (CBK), Insurance Regulatory Authority (IRA); Kenya Deposit Insurance Corporation (KDIC).
2. Professional Bodies – CFA Society East Africa, Institute of Certified Public Accountants (ICPAK), Institute of Certified Public Secretaries of Kenya (ICPSK); Institute of Certified Investment & Financial Analysts (ICIFA); Chartered Institute for Securities & Investments (CISI)
3. Legislative arm of government – Parliament and the Senate.
4. Other Government Bodies –  National Treasury, Unclaimed Financial Assets Authority (UFAA), Council of Governors,
5. Industry Associations – Association of Kenya Insurers (AKI), Kenya Association of Stockbrokers and Investment Bankers (KASIB), Scheme Administrators, Custodians; Association of Retirement Benefits Schemes (ARBS), Kenya Institute of Bankers (KIB), Kenya Bankers Association (KBA), REITs Association on Kenya (RAK),
6. Multilateral institutions – World Bank/IFC, IMF, USAID, FSD etc

Authority:

The CISC is an appointed Committee of the FMA for the purposes described above. The Committee shall Report to the FMA Executive Council.

Objectives:

1. To engage with stakeholders on important developments affecting the Collective Investment Schemes industry for mutual benefit;
2. To monitor and develop technical and standards guideline in these key but limited to areas:
3. UTF Yield harmonization
4. Common treatment on Asset Impairment
5. Transparent report on Fact Sheets & Information Memos
6. To champion education and training certification and market awareness.
7. To advocate for common causes.
8. To reward and recognise good performance.

Membership:

1. The Committee comprises appropriately senior practitioners from key active FMA member firms. Members are invited by the Chair due to their seniority, and experience in combination with the level of appropriate market activity.
2. The Chair will be deputized by a Vice-Chair
3. Generally membership is on an individual rather than on a firm basis. Therefore, a member who steps down cannot automatically pass on their seat to a replacement within their firm.

Organisation of the Committee

1. Meetings will be held a minimum of four times per year but can be held more frequently if required. Members should attend the meetings themselves.
2. Agendas will be circulated one week in advance of meetings. The Committee may create temporary sub-committees as required in the light of market developments with agreed terms of reference.
3. In some instances the meetings can be held via Tele-conferencing.

Governance

1. Draft non-attributable minutes of meetings will be circulated to members and when these have been agreed by the Committee, they will be adopted by the committee.
2. Decisions of the Committee will usually be made by general consensus but the Chair may ask for a decision by majority vote if agreement cannot otherwise be reached.
3. The committee requires a 50% attendance, in addition to the Chair, to be quorate. If the committee is not quorate then meetings may proceed, however, the committee shall not be able to make decisions.

Evaluation:

The Executive Council will evaluate the performance of the Committee. The performance of the Committee will be assessed against the accomplishment of yearly objectives/deliverables. This review will take place immediately prior to the Annual General Meeting.

Reporting:

Committee reports will be provided in writing, to the Executive Council (EC) no later than one week following each meeting; a summary report at EC meetings and a final report at the Annual General Meeting (AGM).

Current Members:

Purpose:

The Corporate Social Responsibility (CSR) & Staff Affairs Committee (CSC) provides a forum to enable FMA membership to participate in Community initiatives along its core values and handle staff related affairs and events. This includes engagements with relevant professional bodies.

Authority:

The CSC is an appointed Committee of the FMA for the purposes described above. The Committee shall Report to the FMA Executive Council.

 Objectives:

1. To discuss areas on intervention in regard to community affairs in line with FMAs core values.
2. Organize, participate and act as the liaison for FMA events.
3. Offer a voice and a platform to engage with professional bodies.

Area of Responsibility:

The CSC will be responsible for engaging at the staff level in the follow areas:

• Professional Bodies:
  1. CFA Society East Africa
  2. Institute of Certified Public Accountants (ICPAK)
  3. Institute of Certified Public Secretaries of Kenya (ICPSK)
  4. Institute of Certified Investment & Financial Analysts (ICIFA)
  5. Chartered Institute for Securities & Investments (CISI)
• Events:
  1. The Paul Sigsworth Awards Gala
  2. The Annual CSR event
  3. The Annual Quiz Night
  4. Any other as agreed and directed by FMA Executive council

Membership:

• The Committee comprises appropriately selected key active individuals from FMA member firms.
• Every FMA firm is represented in this committee
• The Chair will create a sub-committee made up 7 as follows:
  1. Chair
  2. Vice-chair
  3. 3 Activities coordinators
  4. 2 Professional bodies representatives
• Generally membership is a on a firm basis. Therefore, a member who steps down can pass on their seat to a replacement within their firm.

Organisation of the Committee:

1. Meetings will be held a minimum of four times per year but can be held more frequently if required. Members should attend the meetings themselves or send an alternate.
2. Agendas will be circulated one week in advance of meetings. In some instances the meetings can be held via Tele-conferencing.

Governance:

1. Draft non-attributable minutes of meetings will be circulated to members and when these have been agreed by the Committee, they will be adopted by the committee.
2. Decisions of the Committee will usually be made by general consensus but the Chair may ask for a decision by majority vote if agreement cannot otherwise be reached.
3. The committee and sub-committee requires a 50% attendance, in addition to the Chair, to be quorate. If the committee is not quorate then meetings may proceed, however, the committee shall not be able to make decisions.
4. The chair of the Committee shall be elected at FMA Annual General meeting while the vice chair shall be elected by committee members at their first meeting following the AGM

Evaluation:

The Executive Council will evaluate the performance of the Committee. The performance of the Committee will be assessed against the accomplishment of yearly objectives/deliverables. This review will take place immediately prior to the Annual General Meeting.

Reporting:

Committee reports will be provided in writing, to the Executive Council (EC) no later than one week following each meeting; a summary report at EC meetings and a final report at the Annual General Meeting (AGM).

Members include a staff from every member institution: