The Bankmed Board of Trustees comprises of twelve members.
ABSA Bank Ltd, FirstRand Bank Ltd and Standard Bank of South Africa appoint six members of the Board, while the remaining six members are elected on rotation by the members of the Scheme during the Annual General Meeting.
All members of the Bankmed Board of Trustees are legally liable for the Scheme.
The duties of the Trustees are featured in detail in the Bankmed Rules, and the core focus is member interest. Some of the requirements for the Trustees include:
- Acting on due diligence in the interest of Scheme members.
- Taking all reasonable steps to ensure the interest of Scheme beneficiaries are protected in terms of the rules and acts.
- Ensuring the compliance of the Scheme to the relevant Acts and other laws.