Mike and I just had a chat and went through the document you sent over, Piet, and we've just gone over sections 5,11 and 16 as a matter of importance. The rest aren't particularly relevant for this particular discussion.
Section 5 discusses the setting up of the fund and how as a company, a fund needs to be established by agreement of the employees. Mike needs to check if we can get this in writing somehow. I'm pretty sure we all 'agree' that a fund needs to be set up, but getting it in writing is key.
Section 11 discusses the 'fund committee' and how it needs to be a combination of a) reps elected by employees and b) reps appointed by the employer. We might need to go through a vote in order to do this properly.
Section 16 discusses the way employees savings are used by the fund manager in accordance to 'investment policies' chosen by the employees themselves. Michael says (and I agree) that this is done when the bank gives our employees the virtual choice of what sort of investment portfolio they want their money to go into. And by making that choice we satisfy this clause.
There were several other sections that I have asked Mike to go through and those were mainly about ensuring we have the right paper work and accounts - sections 7/1, 9 and 17 to ensure we are going by the books. Mike will need to have a chat with Sak to see if our accounts are currently in order and that the articles of our fund is complete.
We can pick this up again if you have any questions, Piet. I didn't go too much into detail here. Its quite hard to have discussions like this over email since it can get quite complicated. So I'm happy to chat to you about this once you're back.
Thanks all, if anything wasn't clear please do let me know.