At the heart of Iemas’ co-operative model is the principle that members share in the profits of the organisation based on the products and services they use throughout the year. November is annual benefit time and this year member benefit payments amount to R109 million.
Iemas’ Annual General Meeting (AGM) took place on 31 October 2017 at Kleinkaap Boutique Hotel in Clubview, Centurion. The following agenda items were approved by the members at the meeting.
- Minutes of the 2016 AGM
- The report of the directors on the activities of the 2017 financial year
- The election of a non-executive director to the board
- The approval of the accumulated surplus for the financial year, and
- Future business of the co-operative.
Newly elected non-executive director: We would like use this opportunity to congratulate Ms Dashni Sinivasan on her appointment as non-executive director to the board of Iemas. Ms Sinivasan is a Chartered Accountant (SA) with vast financial management experience.
2017 Member benefit breakdown:
|Product||Benefit %||Benefits of the product|
|Purchase card||3%||Cardholders can look forward to receive 3% back on purchases (excluding fuel) made in the 12 months ending 31 August 2017.|
|Short-term insurance||5%||Policyholders can look forward to receive 5% cash back on the total premiums you paid for the 12 months ending 31 August 2017 regardless of claims.|
|Loan products||10%||Members with personal loans, mini loans, maxi loans, emergency loans and GradUcare educational loans can look forward to receive 10% on interest paid for the 12 months ending August 2017.|
|Vehicle finance||8%||If you have vehicle finance, you can look forward to receive 8% on interest paid for the 12 months ending 31 August 2017.|
|Pension-backed loan||2%||This loan is available to those members employed at employers where Iemas has a contract with both the employer and the retirement fund to offer the product to its employees.
If you make use of a pension-backed loan, you can look forward to receive 2% on interest paid for the 12 months ending 31 August 2017.
|Interest earned on reserve funds||6.5%||A portion of your benefit (received on loans and finance business) is invested into a reserve fund. This fund accumulates as you continue to do business with Iemas and generates interest on an annual basis. This year, your reserve fund will earn 6.5% interest on the total fund balance.|
Click here to view the 2017 member benefit percentages and allocation process.