STANLIB Eswatini has commented on the Financial Services Regulatory Authority’s (FSRA) fit and proper requirements, describing them as fundamental to maintaining trust, integrity and sound governance in the country’s financial services sector.
The investment management company made the remarks in a statement issued by its board chairman amid ongoing legal proceedings concerning the regulator’s refusal to approve the appointment of a proposed Managing Director.
In a statement issued by the Chairman of the Board of Directors of STANLIB Eswatini, STANLIB confirmed that it had submitted an application to the FSRA seeking approval for the appointment of a Managing Director, adding that the appointment was, in line with standard practice, subject to regulatory approval.
“We fully respect the role and authority of the FSRA and support the consistent application of its fit and proper requirements, which are fundamental to maintaining trust, integrity and sound governance across the financial services sector,” the company said.
The statement comes against the backdrop of litigation involving Managing Director candidate Sifiso Nxumalo, who is challenging decisions taken by the regulator regarding his suitability for the position.
However, STANLIB declined to comment on the specifics of the dispute, citing the fact that the matter is currently before the courts.
“We note the matter is subject to ongoing legal proceedings and, accordingly, will not comment further,” the company stated.
The asset management firm emphasised that it operates within a well-defined regulatory framework and follows all prescribed procedures when appointing key executives.
According to STANLIB, adherence to regulatory requirements forms an integral part of its governance structures and corporate practices.
“STANLIB operates within a well-defined regulatory framework and adheres strictly to all prescribed processes in the appointment of key individuals,” the statement read.
The company further stressed that it remains committed to ensuring that appointment processes are transparent, robust and aligned with both regulatory obligations and industry best practice.
While refraining from discussing the court matter, STANLIB said it would continue engaging constructively with the regulator and remain focused on maintaining strong governance standards.
The company also sought to reassure clients that its operations remain stable and unaffected by the ongoing legal dispute.
“We remain fully committed to our clients, ensuring continuity, stability and the same disciplined focus on delivering their investment outcomes,” the statement said.
The legal dispute involving the proposed Managing Director appointment remains before the courts, with STANLIB indicating that it will not make any further public comments while the matter is under judicial consideration.
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