Leadership and Legacy
Sanlam Umbrella Fund Sets the Benchmark for Transformation: Transformation at the Sanlam Umbrella Fund is more than a policy objective — it is the foundation to how the Fund sees fit to build financial stability, representation, and long-term value for members. In a landmark development for South Africa’s retirement fund industry, the Sanlam Umbrella Fund appointed Ms. Jolly Mokorosi as Chairman of its Board of Trustees. This historic election marks the first time a woman has been elected to lead a large commercial umbrella retirement fund. It’s a moment that not only celebrates progress but also affirms Sanlam Umbrella Fund’s deep commitment to transformation, inclusion, and ethical governance.
Ms. Mokorosi’s appointment is more than symbolic—it reflects the Sanlam Umbrella Fund’s strategic alignment with the transformation objectives of the Financial Sector Transformation Council (FSTC) especially in an industry where progress has often been slow. This demonstrates that the Sanlam Umbrella Fund is proactively embracing the principles outlined in the Amended Financial Sector Code (FSC). This is transformation not by obligation, but by conviction and the statistics summarised below bear testament to that fact.
Since 2019, the Sanlam Umbrella Fund has voluntarily submitted its Broad-Based Black Economic Empowerment (B-BBEE) scorecard to the FSTC. The Fund is proud to report that with its latest submission; it has achieved 100% of the targets for the “Management Control” component. In addition, the Fund Secretariat is composed of 100% black females which includes two learners on the team. These figures are not just compliance metrics—they are a reflection of Sanlam Umbrella Fund’s ethos and its commitment to inclusive leadership at every level. In parallel, the Fund’s Secretariat Team has become a training ground for young professionals, offering practical experience in governance and fund management and building a new generation of talent for the industry.
In a landscape where many entities still treat transformation as a tick-box exercise, the Sanlam Umbrella Fund’s approach is refreshing and setting a benchmark for others in the retirement fund sector. By embedding diversity into its governance structures, the Fund is demonstrating that transformation can be both principled and strategic—and that leadership diversity enhances decision-making, stakeholder trust, and long-term sustainability.
This article is just the first of a series of articles to be released at regular intervals with the intention to inform, lead and deepen the “Transformation conversation”, keeping in mind that paying “lip-service” to its precepts are not enough and that it is the practical application that makes all the difference.
As the Sanlam Umbrella Fund continues to grow, its leadership offers a blueprint for what transformation can—and should—look like. Ms. Mokorosi’s appointment is not just a milestone; it’s a message. Sanlam Umbrella Fund is not waiting for change to happen—it is leading it!
In case you missed it, check out Ms Mokorosi’s address at the Sanlam Umbrella Symposium by clicking here.