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The original PPS Insurance, the product upon which the
PPS group is founded and still our foundation business, has
continued to excel under the chairmanship of Charles Erasmus,
a widely respected insurance industry veteran. Erasmus has
the support of a highly respected board and management
team, which continues delivering the results that make it our
baseline business.
Like all businesses active in the financial services sector, PPS
is challenged by a radically changing regulatory environment
that includes Solvency Assessment Management (SAM),
which is scheduled for implementation the second half of
2018. After some years, the ‘Twin Peaks’ legislation has passed
its parliamentary hurdles and awaits implementation by the
regulators. This legislation is intended to migrate prudential
regulation, including financial soundness, governance and
public disclosure, to SARB and a market conduct authority
that will be housed within the current Financial Services Board
(FSB). As a group, we are well into the process of preparing for
regulatory changes and also mandatory audit firm rotation and
the introduction of new accounting standards.
The financial industry, including the banking sector, is being
massively disrupted by the march of technology, which
enables innovative business models and new entrants to enter
into financial services at significantly lower barriers to entry
than the past. Platform-based interfaces and business models
appear to be having the greatest impact at this time.
PPS has the will, expertise and resources to innovate, with
the strategic advantage of many decades in the industry.
We embrace disruption of the industry as the ‘new normal‘
rather than a one-off event. Our leadership has the vision
and ability to drive innovation continuously to create a more
fulfilling, community orientated and immersive experience for
our members.
As the custodian of the financial interests of thousands of
graduate professionals, PPS is committed to the highest
standards of corporate governance, ethical values and
sustainable business practices. We comply with the King Code
of Corporate Governance and are in the process of upgrading
our corporate governance practices to align with the King IV
Code principles.
The PPS organisational structure includes several boards and
their subcommittees. All boards and the committees operate
within the parameters of approved charters and terms of
reference, which are reviewed periodically. Furthermore,
all boards and committees are supported by the company
secretary and a well resourced company secretarial office.
I take this opportunity to record my deep indebtedness to
Dr Sybil Seoka, the deputy-chairman of the PPS Holdings Trust,
for her ongoing support, counsel, a strong work ethic and the
leadership attributes she brings to the PPS board.
Charles Erasmus, chairman of PPS Insurance, continues to
enhance the PPS value proposition through his outstanding
leadership, commitment, counsel and energy.
Likewise, to all board and committee members within the PPS
group, I record my unqualified appreciation for your guidance,
input and on-going support, as well as your deep commitment
to unwavering corporate governance. I look forward to
continuing working together with you in 2018 to hold PPS high
as the natural first choice for graduate professionals.
On behalf of our board of trustees and the PPS group entities,
I record my sincere gratitude to Izak Smit, the CEO of the PPS
group, for his outstanding leadership and stewardship. He has
been ably supported by his executive management; PPS staff
members and our intermediaries. Collectively, their joint efforts
have energised the growth, prosperity and sustainability of PPS.
Their efforts have solidified the PPS brand positioning as the
preferred provider of premium risk, financial and investment
products to the professional community.
Last and by no means least, there would not be a PPS at all
without the active subscription and support of our members.
Your participation and enthusiasm motivates us to keep on
aiming for higher service levels, better products and new tools
for interacting.
I am looking forward to seeing what we can collectively achieve
in 2018.
Ebi Moolla
Chairman
28 March 2018
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