The Federated Employers Mutual Assurance Company (RF) (Pty) Ltd (“FEM”) is licensed to conduct non-life insurance business.

About FEM

THE FEDERATED EMPLOYERS MUTUAL ASSURANCE COMPANY (RF) (Pty) Ltd was established as a mutual insurer in 1936 and, on the introduction of the Workmen’s Compensation Act 1941, was granted a license to continue to transact workmen’s compensation insurance for the construction industry. Our business operations are essentially confined to the insurance of employers against their liabilities under the Compensation for Occupational Injuries and Diseases Act 1993 (COIDA). In terms of the Memorandum of Incorporation of the company, shareholding is restricted to policyholders.

FEM Timeline
1930 - 1940
1940 - 1950
1950 - 1960
1970 - 1980
1980 - 1990
1990 - 2000
2000 - 2010
2010 - 2020


We strive to deliver an excellent and sustainable workers’ compensation service to all stakeholders by:

• Being the preferred provider of COID cover
• Promoting health and safety, and accident prevention
• Ensuring efficient pay-outs, quality care and empathy to our claimants
• Engaging and empowering our workforce


We care about the quality of life for injured workers and their dependents, and champion health and safety, for the benefit of all policyholders and society.

Executive Management
Non-Executive Directors


Chief Executive Officer

Fellow of the Faculty of Actuaries in South Africa.
Business Science Degree (Actuarial Science), UCT.
Post Graduate Diploma (Actuarial Science), UCT.

Ndivhuwo is the first black African female actuary. Some of her many achievements includes a Business Science Degree (Actuarial Science) and a Post Graduate Diploma (Actuarial Science) from the University of Cape Town (UCT). Added to her numerous qualifications, Ndivhuwo has also reaped awards from the Actuarial Women’s Committee (Woman Pioneer in the Actuarial Profession 2012) and the Association for South African Black Actuarial Professionals (Achiever’s Award 2011) among others.

Over the past decade and a half, Ndivhuwo has refined impeccable experience in the Financial Services industry. She is skilled in Insurance, Employee Benefits, Risk Management, Management, Actuarial Science, and Employee Engagement.


Chief Financial Officer

CA(SA) Bachelor of Accounting Science (Wits) Higher Diploma in Accountancy (Wits) Yusuf received his qualification in Higher Diploma in Accountancy in 2010 with University of Witwatersrand and registered as a CA(SA) with the South African Institute of Chartered Accountants in 2014. 

He started his journey with FEM in 2019 as Chief Financial Officer where he is also a Director of the FEM Education Foundation NPC and Executive board member. Added to his many responsibilities, he formulates the financial management strategy of the organisation to ensure the implementation of best practice systems, policy, procedures and financial controls, aligned to the company’s overall business strategy.

He has garnered extensive experience in the financial services and insurance industries.

Wade Butlion

Chief Risk Officer

Wade is a qualified actuary and has been a Fellow member of the Actuarial Society of South Africa and the Institute and Faculty of Actuaries since 2011.

He has extensive experience as an actuary and risk management practitioner and holds the Financial Risk Management designation from the Global Association of Risk Professionals.

He is also an Associate Member of the Institute of Risk Management South Africa.


Chief Information Officer

Gys is an IT Professional with well over 30 years experience in information technology field. He began is journey with FEM as programmer and progressed into various senior roles within the IT Development and Infrastructure Field.

With his vast experience and technological proficiency, he was later promoted to Chief Information Officer in 2005. He is a key strategic contributor of FEM’s Technology, Data and Analytics Strategy. He is responsible for transforming how new technologies are used to improve performance across FEM.

He works with a wide range of partners to bring new technologies to FEM, refining how we interact with our stakeholders, and making internal systems and processes more efficient. Gys has obtained a Master of Business Administration.


Chief Human Resources Officer

BSc Actuarial Science, UKZN
Fellow of the Actuarial Society of South Africa, Chartered Enterprise Risk Actuary (CERA)
Post-Graduate Diploma in General Management
Masters in Business Administration (MBA), GIBS
Certificate in Investments from the Institute of Actuaries (UK)

Deshni is a fellow of the Actuarial Society of South Africa, Chartered Enterprise Risk Actuary.

Her outstanding academic qualifications include a BSc Actuarial Science (Cum Laude) from University of Kwazulu Natal; a Post-Graduate Diploma in General Management, which she obtained with a Disticntion; an MBA with Gordon Institute of Business Science and a Certificate on Investments from the Institute of Actuaries.
Deshni has solid experience in risk management.

Sanjay Munnoo

Chief Business Development Officer

PhD; MBA; Dip Mech Eng; B.Com; Dip Fin Acc; Dip BA; EMP (Oxford); BIA (MIT); FinTech (Harvard)

Member of SAIMechE; IISA; Saiosh (Fellow Chartered)


Sanjay has over 18 years’ experience in the Financial Services Industry. He graduated with a PhD in Construction Management from the Nelson Mandela University in 2022. He’s a fellow chartered member and president since 2017 of professional body, the South African Institute of Occupational Safety and Health.

He serves as chairperson of FEM’s Sales Committee and FEM’s H&S Committee. He served as Chairperson of the Board at the Workers Accident and Rehabilitation Centre from 2012 to 2014; Chairperson of FEM’s Manco from 2018 to 2022, and Chairperson of the KZN MBA H&S Committee from 2013 to 2016.

He is passionate about innovation, strategy, and the upliftment of humanity.

Nico Maas

Nico Maas


BA Eng (Civil)
Chartered Director (SA)
Nico Maas obtained a BSc Eng (Civils) degree from the University of Pretoria in 1974 and received a merit award for outstanding service from Tukkies in the same year. In 1982 he attended the Construction Management Programme at UCT and in 1988 he completed a Masters degree in Construction Management at Pretoria University through part time study. Nico is a registered Professional Engineer, a Professional Construction Manager and was elected to become a Fellow of the SA Institute of Civil Engineers in 2006.
Nico was appointed a director of FEM on 10 November 2004 and became chairman on the retirement of Mr J A Barrow in 2008.

Nico was awarded Chartered Director status in 2019.

Thuthula Balfour

Thuthula Balfour

Fellow of the College of Public Health Medicine

Dr. Thuthula Balfour is currently head of the Health Department of the Minerals Council. Dr. Balfour is a qualified medical doctor and public health medicine specialist, with management experience that spans 20 years. She has a special interest in HIV and AIDS, TB and health policy in general.

John Barrow

John Barrow


BSc Engineering
BCom (UCT)
John has served as Director for Barrow Construction from 1990, and President of GMBA from 1997, to date. He was Director of Gauteng Piling; a member of Bifsa executive committee; served on the Wits Engineering Board and was St. Stithian Council member as well as Chairman for St. Stithians Planning and Development.

Kedibone Imathiu

Kedibone Imathiu

Remuneration and Nominations Committee

MBA (Cranfield University)
BCompt Acc (Unisa)
Kedibone has over 14 years experience within financial roles, ranging from audit and accounting advisory to corporate finance, private equity and fund management while working in South Africa, UK, and USA.
She is the Co-founder and Executive Director of Kazi Capital, a private equity investment firm where she is responsible for strategy, investor relations, deal generation and execution, and post-investment management.
Prior to Kazi Kapital she has held roles at Investec Bank, Public Investment Corporation, and KPMG.
Kedibone has served on boards across a variety of sectors including financial services, industrial services, health and education.

Chris Jiyane

Chris Jiyane

NDip in Architecture: Building Construction Technology (Wits)
Chris is a stalwart of the building industry with more than 30 years’ experience.
He is currently the CEO of PC Builders, a Civil and Building Construction company, former CEO of Rainbow Construction, worked in partnership with WBHO, former Director of Grinaker-LTA.
He is former Deputy Chairperson of CIDB.
Chris is a board member, and Board Committee member of a the following companies in the Industry – FRANKI GEOTECHNICAL, HYDRAFORM, JPP.

He is also a Member of BBCBE, MBSA.

Aggy Moiloa

Aggy Moiloa

Masters in Public and Development Management
BA Hons Applied Psychology
BA Education
Aggy Moiloa is Deputy Director General at the Department of Employment & Labour: Inspections and Enforcement Services, Designated as the Inspector General and brings with her to the Board a wealth of knowledge in public and economic development, and seventeen years’ experience in strategic management and leadership. She has attended and participated in several international training courses, meetings and conferences.

Herbert Ngakane

Herbert Ngakane

Social and Ethics Committee

MBChB (Natal)
Certificate in Accounting (Unisa)

Dr. Herbert Ngakane trained in Vascular surgery and breast surgery. He was Head of the Surgical Breast unit for University of Natal & King Edward VIII Hospital. He chaired the board that oversaw the establishment of the first three Clinix hospitals in planning, negotiating the non-acceptance and protests against the establishment of the first hospital by the community, actively involved in the building phase, equipment setting, staffing and operational phases Dr. Ngakane sits on the boards of non-profit organisations.

Lumka Tamboer

Lumka Tamboer

Lumka Tamboer earned her Bachelor of Public Administration Honours with the University of Stellenbosch (US), and also holds an Advanced Diploma in Public Administration from the University of the Western Cape (UWC) and a Higher Certificate in Economic Development from the same institution.
Lumka is now serving as Regional Educator at the National Union of Mineworkers (NUM) – Western Cape. In this role, she researches, develops the content, and educates the worker leaders on the labour markets trades including the LRA. She worked for COSATU for more than seven years as a Provincial Administrator, Organising Unit, and held the position of Gender Coordinator until January 2021. As a Gender Activist, she served in different roles in a number of women organisations, namely, the Progressive Women Movement, Sisonke Gender Justice, Litha La Bantu, and was later appointed to represent labour as a sector in the Gender Multi-Party Caucus of National Parliament. Lumka has over the years been invited to present papers in a dozen of gender and labour conferences or seminars on the advancement of worker rights.
From 2017 – 2019 she was appointed to the board of Cape Town TV and served in the sub-committee on Finance. Equally, she served as a board member of Community House between 2018 and 2020.

Howard Walker

Howard Walker

CHAIR PERSON: Risk and Compliance Committee, Investment Committee

Fellow of the Faculty of Actuaries in Scotland
Howard is a qualified actuary, with many years’ experience in the financial services sector. He is a non-executive director on the boards and board committees of a number of listed and unlisted companies. His qualifications are: BSc (Actuarial Science), Fellow of the Faculty of Actuaries (Edinburgh) and Fellow of the Institute of Life and Pensions Advisers (FILPA) (now known as the Financial Planning Institute) and is a Certified Financial Planner (CFP).

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