The Importance of the Annual General Meeting for a Medical Aid Fund
An Annual General Meeting (AGM) is a formal gathering convened by the Board of Trustees of a Medical Aid Fund, open to all registered members and, where applicable, interested members of the public. The main purpose of the AGM is to promote transparency, accountability, and member participation in the operations and governance of the Fund.
Each member of the Fund has one voting right, and the AGM serves as a platform for these members to receive key updates and exercise their rights in relation to the Fund’s affairs.
Each member of the Fund has one voting right, and the AGM serves as a platform for these members to receive key updates and exercise their rights in relation to the Fund’s affairs.
Purpose of the AGM
The Trustees are obligated to arrange and host the AGM annually. During the meeting:
If a member is unable to attend the AGM in person, they may appoint a proxy — typically another member — to represent them and vote on their behalf. Every member has a legal right to assign a proxy, ensuring their voice is still heard even in their absence.
Medical Aid Funds are required, in terms of good corporate governance and Fund rules, to hold AGMs annually. These meetings are essential because:
Things to Consider Before Surrendering Your Policy
Premature withdrawal or surrender of your policy may result in:
Why Should Members Attend?
Member attendance is critical to a successful AGM:
Typical AGM Agenda
AGMs may also include presentations from external service providers such as actuaries or investment managers, offering insights into the broader medical aid and financial landscape.Member attendance is critical to a successful AGM:
According to the Medical Aid Funds Act, the Board of Trustees must submit audited financial statements to the Registrar within six months after the Fund’s financial year-end. The AGM facilitates the approval of these financials by members before submission
