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
Albert Barrow appointed as Chairman

First policy sold to John Kirkness OBE from Pretoria in April 1937.

£25K Premium income by 1937

The Federated Employers Mutual Assurance Company (RF) (Pty) Ltd was established as a mutual insurer in 1936, to provide more affordable assurance to the construction industry

1940 - 1950
The introduction of Workmen's Compensation Act

The introduction of Workmen's Compensation Act of 1941 saw FEM being granted a license to continue to transact workmen's compensation insurance for the construction industry

£140K Premium income by end 1949



1950 - 1960
FEM purchases one of the first computer in South Africa from IBM

Founder Albert Barrow dies in 1951

1970 - 1980
Decline in the construction industry saw premiums drop from R6M to R4M
1980 - 1990
Recovery in the construction industry saw premiums increase from R4M to R14M
1990 - 2000
Intense growth saw premiums increase to over R60M
2000 - 2010
FEM cuts ties from the Fedsure Group and becomes a standalone organisation

Expansion of license to cover all class V operations.

Premiums growns to over R173M between 2000 - 2005

2010 - 2020
Tip Offs Anonymous introduced in 2014

Special rebate of R250M  back to policyholders in 2015

additional special rebate of R1BN paid back to policyholders in 2017

FEM Education Foundation started valued at R750M

Premium grows to R857M by 2019


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.


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

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

Ayesha is an HR Professional with more than three decades’ experience. She started her journey with FEM as an HR Manager in 2003 and was later promoted to the Chief Human Resource Officer of the organisation in 2005. Ayesha’s role entails balancing the HR initiative with the strategic objectives of FEM while simultaneously incorporating functions of the various business units within the larger organisation.
Ayesha is a key strategic contributor and supports transformation within FEM. Her passion is aligned to FEM’s People, Performance and CSI priorities.
As an established hand and people builder, Ayesha has paved the way for growth by sharing her integral knowledge while offering essential guidance to her co-workers; she has always insisted on the personal-development of FEM’s employees and understands the importance that individuals play in meeting the strategic goals of FEM.
Ayesha has obtained an HR and advanced labour law qualification.

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.

Dr Lulama Magubane

Chief Medical Operations Officer

Dr Lulama Magubane is a qualified Medical Doctor. She has 20 years’ experience in Medical Field of which 13 years were in Occupational Medicine.

She is passionate about physical and mental wellbeing of the vulnerable workers. She is also skilled in COID processes.

Lulama holds a degree in Bachelor of Medicine and Surgery from the University of Natal. She also obtained a Post graduate Diploma in Occupational Health from University of KwaZulu Natal.

She has extensive experience in senior management. She also sharpened her management skills by doing an Executive Development Program with National School of Governance.

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.

Costa Economou

He is the Chief Executive Officer and Co-Founder of Colourfield Liability Solutions (Pty) Ltd, a liability driven investment management boutique. He is currently the President-Elect of the Actuarial Society of South Africa. He is also a former Commissioner, appointed by the President of South Africa to serve on the Independent Commission for the Remuneration of Public Office Bearers. He was formerly an Executive Director of Alexander Forbes Financial Services (Pty) Ltd.

His qualifications include:

  • MBA (with Honours) in Finance and Economics from the University of Chicago Booth School of Business.
  • Fellow of the Institute of Actuaries (United Kingdom).
  • Fellow of the Actuarial Society of South Africa
  • CFA Charterholder.
  • CAIA Charterholder.
  • BSc in Actuarial Science.
  • BSc (Honours) in Applied Mathematics and Mathematical Statistics, majoring in Finance and Derivatives.

He regularly attends and presents at industry conferences in South Africa on matters pertaining to retirement fund issues and investments.

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

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.

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.

Eric Mackeown

Chartered Accountant ,C.A.(S.A)

Eric qualified as a Chartered Accountant ,C.A.(S.A) , in 1985 having obtained his B.Comm and B.Acc from Wits University. He started his Auditing career with Coopers&Lybrand in 1979 and spent nearly forty years in the Profession. He was admitted to partnership in 1988 and retired from PwC in 2018.

During his career,Eric was responsible for the audits of some of the Firm’s largest and most prestigious multinational and JSE listed clients. He also held various Leadership positions including Staff Partner , Industry Leader, Clients and Markets Leader , as well as serving as Partner in Charge of the Johannesburg office for his last twelve years up to his retirement.

Currently Eric is a Non Executive Director of Assore Holdings Ltd and Chairs their Audit Committee. He also Chairs the Audit Committee of Discovery Health Medical Scheme as well as serving on their Risk and Investment Committees. He attends their Board of Trustee meetings as an Independent invitee.

Eric is a keen sportsman currently playing golf, tennis and lately Padel. He keeps fit by running and gyming and enjoys the outdoors .

Ntombizine Madyibi

Zine has a B Com degree and a B Com Honours degree from the then the University of Transkei and a Master of Business Administration degree from the University of Fort Hare. She furthermore obtained a Diploma in Labour Law (Cum Laude) and is currently in her final year Bachelor of Theology Degree. She has further developed herself in various management disciplines which include; Strategic Management, Risk Management, Knowledge Management, Advanced Financial Analysis, Project Management, Human Capital Management, Change Management, Stakeholder and Communication Management, Innovations Management and the management of operations. She is a priest in the Anglican Communion.

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

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 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.

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