A trustee, also known as fiduciary, is a person who has an obligation to act for another’s benefit and hold legal (but not beneficial) authority/ownership to the assets in a trust.
A trustee occupies a position of trust and confidence to manage and protect assets (property and/or money) for someone else.
When naming a trustee, it is important to consider:
A trustee can be an individual or a corporate entity. In Kenya, a corporate Trustee must be a company incorporated under the Companies Act having a subscribed capital of not less than KES 10 Million and is empowered to hold assets in Trust.
At ICEA LION, we have a wealth of experience that spans over 30 years in Corporate Trusteeship. We offer our service to:
A trustee occupies a position of trust and confidence to manage and protect your assets (property and/or money) so choose yours wisely.
If you would like to talk to us in person, you can call us on +254 719 071 999 or request a call back by clicking here.
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Our overall duty is to serve your private trust as a regulated, impartial third-party who has the professional experience and board resource to manage even the most complex situations relating to your property and assets. We act with due care, diligence and good faith to avoid conflict of interest and ensure that the interests of all parties including your beneficiaries(e.g. minors, disabled persons, charities and foundations) are protected at all times.
As Corporate Trustee we perform the role of administration, asset management and custody over your estate and have the following legal responsibilities:
Select a Corporate Trustee who has demonstrable track record, stable ownership, financial stability and credibility.
Your Corporate Trustee should have a wide range of experience as this will enable them to proactively identify and assist you with issues and to offer innovative and timely solutions for your trust or scheme.
A networked Corporate Trustee is able to tap into a wider resources within the financial services sector and thereby likely to better address most of he needs of your trust or scheme.
Your Corporate Trustee should be flexible, consultative and innovative in their approach to better adapt and improve the way your trust or scheme is run.
Your Corporate Trustee should have the experience and pragmatism to balance the complexities of running the scheme according to legal regulations but still meet the investment goals of the scheme
We have wealth of experience honed over several years from working with numerous schemes and private trusts
You Benefit from a wide pool of the expertise and knowledge of our professional team
We release your employees to concentrate on their core employment duties
We have resources available to keep pace with the changing legislation, investment and administration requirements.
We are able to act alone or together with co-trustees nominated by you as the sponsor or your members
We exercise true independence when making decision related to our role as corporate trustree
We have excellent relations and lines of communication with the regulatory authorities
We have perpetual existence of as a corporate trustee company
We offer continuous training to our teams on legislative, investment and administration matters
We have Trustee Liability Insurance cover embedded in our offering. Due to our fiduciary responsibilities as trustees, it may require us to have appropriate insurance cover to indemnify us in case a member, sponsor or regulatory body taking legal action against us
The retirement Benefits Authority (RBA) requires that all trustee undergo a mandatory one week certification program to qualify to be trustee. This is a costly training and also takes away your trustee from their core duties. Due to the fact that This is our core business, we save you the time and money spent pursuing this mandatory certification.
Managing a retirement scheme can be a time-consuming and possibly complex task for a self-funding group of individuals, the organization or the trustees; usually the employer or the nominated staff elected to act on behalf of the members of the scheme. The regulations and legal responsibility bestowed on these members can go beyond their specific resources and capabilities. We, as the Corporate Trustee, relieve the group, organization or trustees from this responsibility by managing the scheme professionally, as required by the regulators and the law.
The main advantage of having a Corporate Trustee is that you are able to transfer this responsibility to us and focus on your core business. We specialize in running and managing retirement schemes and remove the exposure of non-compliance as well as the personal responsibility of anyone acting as a trustee. By engaging us as your Corporate Trustee, you ensure your scheme is managed and run professionally. Further, we share regular updates with the Sponsor of the Scheme so that we carry the wishes of the employer and the members of the retirement scheme.
Head Office
Plot 331 Kambarage (Rose Garden road) Road, Mikocheni
P.O. Box 1948 Dar Es Salaam
Tel: +255 22 2774999, +255 22 2775039, +255 22 2775059
Fax: +255 22 2775094
E-Mail: insurance@icealion.co.tz
Website: www.icealion.co.tz
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If you would like to talk to us in person, you can call us on +255 22 277 4999, +255 22 277 5039 or request a call back by clicking here.
