National Fund for Municipal Workers

Board of Trustees

One of the key elements to upholding governance standards is the Board of Trustees' attitude towards governance and compliance. The Board of Trustees and the Principal Executive Officer are committed to the execution of their fiduciary duty towards the Fund and its members.


The fund is managed by an 11-member Board of Trustees, elected in terms of the Rules of the Fund to direct, control and oversee the operations of the fund as per the applicable legislation and the provisions of the Fund Rules.

Ten trustees are elected from various provinces and/or regions of the country according to membership representation from these provinces/regions and one trustee is appointed by the South African Local Government Association (SALGA). The Board of Trustees is charged with governance of the fund.

In order to effectively manage the fund, the Board makes use of committees to which some functions and authority of the Board are delegated. The committees are; the Executive Committee, the Investment Committee, the Legal Committee and the Communications & Stakeholder Management Committee.

The Board of Trustees and the respective committees meet regularly to conduct the business of the fund and to give effect to each committee's specific duties and responsibilities.

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Charles Antonio
Chairperson: Board of Trustees

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Christina Makgalemele
Chairperson: Communications and Stakeholder Management Committee

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James Nkuna
Chairperson: Legal Committee

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Clive Cindi
Communications and Stakeholder Management Committee

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Louwrens Geldenhuys
Chairperson: Investment Committee

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Eugene Schutte
Investment Committee

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Rio Nolutshungu
SALGA-appointed trustee Investment Committee

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Ludwe Nani
Legal Committee

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John Dodo
Communications and Stakeholder Management Committee

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Lucky-Mor Mphuthi
Investment Committee

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Sibongile Mpembe
Legal Committee

Board of Trustees effective 1 November 2020: Mr C C K Antonio (Chairperson of Board of Trustees); Mr L Geldenhuys (Chairperson of Investment Committee); Ms M C Makgalemele (Chairperson of Communications Committee); Mr N J Nkuna (Chairperson of Legal Committee); Mr N C Cindi; Mr J M Dodo; Mr S J Mpembe; Mr L Mphuthi; Mr L R Nani; Mr P R Nolutshungu; Mr E A Schutte
Principal Executive Officer: Mr L Ndawana

2020 Trustee election results

Principal Executive Officer


Most of the fund's compliance functions rests with the Principal Officer and he is charged with statutory functions regarding the management of the fund. He works with the Board to ensure compliance on the part of the fund. The Principal Officer is also the Executive who is charged with the execution of Board decisions, working with the staff of the fund and appointed service providers. As the Executive of the fund, the Principal Officer is central to the governance mechanism and structures of the fund, serving in all committees of the Board.

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Mr L Ndawana
Principal Executive Officer

Mr Ndawana has been with the Fund as the Deputy Principal Executive Officer since 1 September 2017 and was appointed as the Principal Executive Office in August 2020. He has been in the South African retirement funds industry for more than a decade and currently serves as a member of the Education and Training Committee of Batseta Council of retirement Funds. He is also serving in the Financial Sector Transformation Council’s Retirement Funds Scorecard Review SubCommittee; the Sub-Committee is currently reviewing the transformation matrix for retirements funds and related industries. Mr Ndawana is a professional member of Batseta having qualified with a Chartered Principal Executive Officer (CPEO) qualification and designation. He further holds Post Graduate Diploma in financial planning (NQF level 8) and Advanced Post-Graduate Diploma in Investments (NQF level 8), both qualifications obtained from University of the Free State. He is currently in the second year of pursuing his MBA studies with Henley Business School, which is part of University of Reading in United Kingdom. Over the years, Mr Ndawana has worked as a retirement funds Consultant, Principal Consultant, Portfolio Manager, Head of Employee Benefits, among other portfolios. He has also been a Principal Officer of a bargaining council fund and a Trustee of one of South Africa’s financial institutions’ umbrella retirement funds.

Leslie was aslo elected to serve on the Batseta Board of Directors. Batseta is a non-profit organisation that serves the interests of principal officers, trustees and fund fiduciaries within the retirement industry. Leslie’s election to serve on the Board of Directors of Batseta provides the NFMW, through its Principal Executive Officer, with an opportunity not only to be part of important policy discussions, but also to shape the retirement funds landscape. We are confident that Batseta and the retirement funds industry will benefit from Leslie's expertise and industry experience. The Board of Trustees affirms its support for Leslie’s involvement in the retirement funds industry initiatives and activities.

Deputy Principal Executive Officer


Ms Tebogo Kgosi was appointed as the Deputy Principal Executive Officer, effective 1 May 2021.Tebogo brings a wealth of experience and knowledge in the retirement funds management field.

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Ms Tebogo Kgosi
Deputy Principal Executive Officer

She holds a BA Social Sciences degree from Nelson Mandela Metropolitan University and completed a post-graduate diploma in financial planning and an advanced post-graduate diploma in employee benefits, majoring in fund design and fund governance with the University of Free State. Tebogo has more than 17 years of industry experience and has held several senior positions, including serving as trustee, Deputy Principal Officer and Principal Officer on various retirement funds.

She is a Certified Financial Planner, currently studying towards an Executive MBA with Henley Business School and in the process of finalising the Principal Officer qualification with the Batseta Council of Retirement Funds.