Page 98 - Profile's Unit Trusts & Collective Investments - March 2026

Chapter 5 Legislation and guidelines

CRISA embraces five key principles, which should be encapsulated in formal policies adopted by
institutions:
R The institutional investor should incorporate sustainability considerations, including a
systemic approach to integrating material environmental, social and governance (ESG), into
its investment analysis and investment activities.
R The institutional investor should demonstrate the acceptance of the rights and responsibilities
of asset ownership diligently to enable effective stewardship. In practice, this means that
institutions are encouraged to engage with companies in which they invest, to attend and vote
at shareholder meetings in accordance with CRISA policies, and to promote transparency in
communication. Under CRISA, these responsibilities still attach to the institution even if some
functions are outsourced to third-party service providers.
R Where appropriate, institutional investors should consider a collaborative approach to
promote acceptance and implementation of the principles of CRISA and other codes and
standards applicable to institutional investors and targeted capacity building throughout the
investment industry.
R The institutional investor should have sound governance structures and processes in place
so that investment structures and activities reflect and promote responsible investment and
diligent stewardship and proactively manage conflicts of interest.
R Investment organisations should ensure disclosures are meaningful, timeous and
accessible to ensure stakeholders can make informed assessments of progress towards
positive outcomes.
The code requires that institutional investors fully and publicly disclose at least once a year to
what extent the code has been applied. Reasons must be given if any of the principles of the code
have not been followed.
Although CRISA is a voluntary code it has become the standard for investment activities in SA.
The full code is available on the CRISA website: www.crisa2.co.za.

96 Profile’s Unit Trusts & Collective Investments March 2026