During the 2018-2019 financial year the Board of Trustees once again succeeded in their efforts to achieve the Trust's objectives as set out in the Trust Deed.
Objectives of the Trust
The founding objectives and requirements of the Trust are to place the reserve funds earmarked for the financing of protein research as provided for in Section 20(5) of the Agricultural Research Act of 1990, as well as all future donations provided for in Section 20(5)(c) of the Agricultural Research Act of 1990, in trust for research purposes to be allocated in the Republic of South Africa, as the Trustees may determine from time to time, for the purpose of research in either of the following fields:
- Protein Research
Research on protein sources destined for animal feed either of animal origin or from oilseeds and other protein rich plants.
- Oilcake Research
Research related specifically to the oilseed protein value chain.
Board of Trustees
The Trust is administered and managed by a Board of Trustees convened from various disciplines. During the 2018-2019 year the Board comprised the following Trustees:
Mr AP Theron Expert: Representative – Organised Agriculture – Producer of Protein Crops (Chairperson) Dr E Briedenhann Expert: Representative – Oilseeds Processors and Representative – Animal Feed Manufacturers (Vice-Chairperson) Mr GJH Scholtemeijer Expert at the discretion of the Board Dr J de Kock Expert: Discipline – Plant Production Prof RM Gous Expert: Discipline – Protein Consumers Mr GT du T Keun Expert at the discretion of the Board Prof FH Meyer Expert: Discipline – Agricultural Economics
During the reporting period 1 March 2018 to 28 February 2019, the Trust met six (6) times. Two (2) of the meetings were combined with those of the Technology Committee.
During the period under review, R6 288 581 was approved in respect of research projects, technology transfer and bursaries.
Apart from funding and management of research projects and technology transfer, which form part of the core business of the PRF as set out as objectives in the Trust Deed, much time was spent in reorganising the structure of the Foundation to streamline its work and to introduce measures to limit unnecessary expenditure on allowances and remuneration.
Some of the most important issues were:
- To combine the Executive, Finance and Marketing Committees into a single entity known as the Executive Committee;
- To standardise the reimbursive allowances and introduce daily allowances and honoraria to better manage the finances and generate savings;
- To reduce the number of Trustees on the Board of Trustees to five;
- To address the bursary scheme and make provision for a prestige bursary; and
- To embark on an image-building exercise.
- Investment and Management of Trust Funds
Two (2) portfolio managers, Foord and Old Mutual Wealth, manage the PRF trust funds.
The performance of the respective portfolio managers are monitored and reviewed constantly. Apart from regular discussions, the Fund Managers are requested to deliver a presentation to the Board of Trustees at least annually.
Ashton Chartered Accountants are currently charged with the auditing of the PRF's financial affairs.
As in the past, the auditors issued an unqualified audit report. The report noted the efficient operation and management of the affairs of the PRF by all concerned.
- Investment and Management of Trust Funds
During the reporting period 1 March 2018 to 28 February 2019, the Executive Committee met six (6) times.
The Executive Committee may be considered an extension of the Board and provides recommendations relating to policy matters. The committee is also responsible for financial and marketing matters.
The Executive Committee consisted of the following members:
Mr AP Theron Chairperson, Chairperson of the Board Dr E Briedenhann Vice-Chairperson of the Board and Chairperson of the Technology Committee Prof FH Meyer Board Member
During the reporting period 1 March 2018 to 28 February 2019, the Technology Committee met four (4) times. Two (2) of the meetings were combined meetings with those of the PRF Board.
The Technology Committee consisted of the following members:
- Dr E Briedenhann (Chairperson)
- Mr AP Theron
- Mr GJH Scholtemeijer
- Dr J de Kock
- Prof RM Gous
- Prof A Agenbag
- Dr J Dreyer
The functions of the Technology Committee are as follows:
- The Technology Committee is one of four Board standing committees and reports directly to the Board.
- The Technology Committee is responsible for evaluating and selecting all research projects, promoting technology transfer, visiting researchers and research projects, identifying gaps and new topics relating to research projects and identifying new sources of supply and utilisation of protein for animal feeds.
Soybean Working Group
During the reporting period 1 March 2018 to 28 February 2019, the Soybean Working Group met three (3) times. Meetings of the Working group were combined with the meetings of the Sunflower, Soybean and Soyfood Forums.
The functions of the Soybean Working Group involve the following:
- Discussion of industry matters in the interest and to the benefit of the soybean industry.
- Identification of research projects and technology transfer to the benefit of the soybean industry.
Canola Working Group
During the reporting period 1 March 2018 to 28 February 2019, the Canola Working Group met three (3) times.
The functions of the Canola Working Group involve the following:
- Discussion of industry matters in the interest and to the benefit of the canola industry.
- Identification of research projects and technology transfer to the benefit of the canola industry.
Canola Planning Committee
During the reporting period 1 March 2018 to 28 February 2019, the Canola Planning Committee met five (5) times.
The Canola Planning Committee consisted of the following members:
- Mr AP Theron (Chairman)
- Dr E Briedenhann
- Mr C Cumming
- Prof GA Agenbag
The functions of the Canola Planning Committee involve the following:
- Discussion of industry matters and recommendations to the PRF committees as these relate to research, technology transfer, liaison and any other action required for the promotion of canola production.
- Protein Research
Complete PDF report
48 pages [ ± 1.8MB ]