The Maize Trust was founded in August 1998 to promote the South African maize industry. The Trust serves the industry through financial support for institutions and organisations with programmes aimed at market and production related research. The secondary objectives of the Trust are to fund the assimilation and dissemination of market information and to broaden market access for the benefit of the maize industry.
The Trust was formed after the closure of the Maize Board and inherited the remaining assets of that Board. These assets consisted of a reserve fund in excess of two hundred million Rand, which was accrued from surplus funds of the Board over a number of years from various sources, inter alia, the sale of imported maize. Once transferred to the Trust, these assets legally became the property of the Trust to be utilised by the Trustees in terms of the objectives and other provisions of the registered Trust Deed.
The Trust does not have personnel, but makes use of the services of an investment adviser on a contractual basis to advise the Trustees on the investment of the Trust’s funds. The administrative services of the Trust are contracted out to an independent entity. The Trustees are not remunerated for their services, but are reimbursed for their direct and indirect expenses on behalf of the Trust. The Board of Trustees comprises six members and is appointed for a term of two years. Three of the Trustees are appointed by specific maize industry sectors, while the other three Trustees are appointed by the Minister of Agriculture, Land Reform and Rural Development.
Aims and Objectives
The Trust exercises its mandate principally by providing financial support for organisations conducting research focused on maize production and marketing. The Maize Trust objectives further include the acquisition, assimilation and dissemination of market information for the local maize industry, and the facilitation of market access for South African maize. This would include support for training, technical assistance and the creation of marketing infrastructure.