Task group mission and structure
Work Group
Seated: Stephan Claassen (FNB), Lawrence Ngobeni (University of Pretoria - alternate for Professor David Burdette) (Secretary), Themba September (Corprenewal) (Chairman), Mervyn King (Brait), Ricardo Graham (Maximus Turnarounds).
Standing: Inus du Preez (FNB), Sarel Lategan (Standard Bank - alternate for Christo Faul), John Evans (Deloitte), Robin Taggart (Nedbank), Patrick Daly (Daly Incorporated), Kevin Cochrane (Nedbank - alternative for Anna Isaac), Krisjan Barnard (Absa - alternative for Trevor Murgatroyd), Jan van der Walt (Corprenewal), Les Matusen (Credit Management Solutions - alternate for Rowan Gordon), Jan Bicker-Caarten (RMB), Martin Leigh (RMB), David Gewer (Werksmans).
Absent: Paul Winer (Werksmans), Michael Vacey-Lyle (FNB).
Purpose of the Task Group for Organising the Turnaround and Business Rescue Industries
The Task Group will lay the groundwork, in consultation with the rest of the industry, to establish:
- ABASA - a regulatory body for formal business rescue within the legislative framework as envisaged by new business rescue legislation. Membership of ABASA will be a prerequisite to join the Turnaround Panel from which business administrators will be selected.
- Turnaround Management Association - South Africa Chapter, - a voluntarily association to promote the turnaround industry, and for purposes of information exchange, networking, education and raising the standards of turnaround across both the informal and formal sectors.
The Task Group will dissolve once its objectives have been achieved.
The Task Group wishes to act like turnaround practitioners - acting swiftly and decisively, but on a transparent basis, with stakeholder involvement and approval.
To this end, the Task Group was formed, chaired by Themba September, adn consisting of representatives from turnaround practitioners, lenders' restructuring executives, legal experts and academics, etc. that are associated with the industry.
The Task Group consists of three structures:
- Work Group
- Advisory Group
- Informed Group
Work Group Charter
Objectives
- Establishment of ABASA.
- Establishment of TMA-SA.
Scope
- Recruiting members.
- Mission and purposes of ABASA and TMA-SA.
- Determining a mechanism for the election of the board and executives for both ABASA and TMA-SA.
- Distribution of proceedings to the Advisory Group and Informed Group.
- Processing of feedback received.
- Communication with and obtaining approval from government re ABASA.
Membership (see group photo above)
The Work Group essentially consists of volunteers who:
- Have been in dialogue about the initiative before.
- Have already done work towards this goal.
- Are based in Johannesburg (simply a practical matter to facilitate meetings and quick processing).
- Have made themselves available to do the required work on a pro bono basis, and who
- Represent a variety of stakeholders.
Duration
The Work Group will dissolve when a properly constituted Board of Directors are in place for both ABASA and TMA-SA, and its functions will be taken over by the elected body of executives.
Sub-committees
Legal
- Memorandum and Articles of Association.
Membership
- Administration of Work Group/Advisory Group/Informed Group membership lists.
- Membership recruitment drive.
Communication and Public Relations
- Chaired by Task Group Chairman.
- Communication with government.
- Web site administration: CRS Turnaround’ “Turnaround Industry South Africa” section until such time as the bodies have their own web sites.
- Press releases.
Activities
- Regular meetings every Monday.
- Execution of allocated tasks by Work group members and sub-committees in-between meetings.
- Communication and public relations via Chairman.
Deliverables
- Government approval of ABASA.
- Memorandum and Articles of Association of both ABASA and TMA-SA.
- At least 25 signed-up members for both ABASA and TMA-SA.
- Duly elected Board of Directors.
- Appointment of Executives.
Advisory Group
- Members who agreed to serve in the Advisory Group will receive copies of all proceedings of the Work Group. Members may provide feedback on material received (either through written replies or, if they wish, by making presentation at a Work Group session), but are not compelled to do so.
- By agreeing to be in the Advisory Group, however, a member commits him/herself to be available for discussions with work group members about opinions, etc. and to react to requests for information.
- Names of members of the Advisory Group will be published as such.
- To view the provisional list of Advisory Group members, please see the box on the right.
Informed Group
- The Informed Group is similar to the Advisory Group, but with two differences. Firstly, a member of this group is not compelled to be available for discussions or to react to requests for information. Secondly, names of members will not be published.
- Members of the Informed Group are free to request that their names be removed from the distribution list
- Conversely, members of the Informed Group are also free to request that they be automatically switched to the Advisory Group category.
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