Implementation timeline

Timeline

 

Click to open the turnaround certification implementation timeline.

 

TMA has indicated that it will release its body of knowledge to TMA-SA shortly under a confidentiality agreement, instead of waiting until the license agreement has been signed.  This will shorten the current timeline as presented on this page.

 

While the timeline is very tentative at this stage, our goal is to make coursework available by June 2010, have the first exams written in February 2011, and with the first CTP and ATP qualifications awarded in May 2011. 

The first permanent qualifications will therefore be only awarded some time after implementation of new business rescue legislation, expected to by 1 July 2010.  Note that for this reason, the temporary Turnaround Professional Candidate (TPC) qualification, which does not require exams, has been added to the set of professional qualifications.

Activities on the timeline are discussed below.

TMA-SA and TMA activities

• TMA-SA in 2008 applied to TMA to implement its Certified Turnaround Professional programme in South Africa.  TMA's certification policies were received in January 2009.  In February 2009, the Board of TMA-SA approved initial variations to be included in the license agreement.  Further variations were submitted to TMA in March 2009, to which TMA responded on 1 April 2009.  At its board meeting on 4 April, a final governance structure and professional qualifications were agreed upon, and discussed with TMA via conference call.  These included the additional qualifications of Associate Turnaround Professional and Turnaround Professional Candidate, pending approval by its Certification Oversight Committee.  TMA agreed, but with the following by-law issues to be finalised given the need for practical transition measures:
• No cross-representation between the Board of TMA-SA, and the Turnaround Governance Board and its subcommittees.
• No more than one member from the same firm to serve on the Turnaround Governance Board and its subcommittees.
• During March to May 2009 a number of appointments were made and a list of nominations has been received for membership of the Turnaround Governance Board and its subcommittees.
• Final pro forma Rules and Regulations were received from TMA on 20 April 2009.  Clarification regarding certain stipulations are being sought at present.

TMA-SA and TMA next steps

• A nomination from organised labour to the Turnaround Governance Board.
• Further nominations for the Standards and Academic Subcommittees.
• Formal application to TMA for approval of the SA programme.
• Approval by TMA (45 days).
• Submission of signed licence application and licensing fees.
• TMA body of knowledge released to TMA-SA.
• CTP and ATP qualifications:
  • Applying for funding for academics to convert the TMA body of knowledge.
  • Customisation of the TMA body of knowledge for South African needs.
  • Approval by TMA of the SA body of knowledge.
  • Accepting the first certification applications and verifying eligibility criteria.
  • Preparing the first certification examinations.
  • Administering the first certification examination.
  • Scoring the first certification examination.
  • Publication of names of first qualified professionals on the TMA-SA web site or 60 days.
  • Awarding the first certification qualifications.
• TP-C qualification:
  • Setting up attendance courses in directorship, Chapter 6 business rescue, turnaround management and accounting/finance.
  • Accepting TP-C applications.
  • Attendance courses.
  • Publication of first TP-Cs.
  • Awarding the first TP-C qualifications.
• Issues:
  • Getting confidentiality agreement and Body of Knowledge from TMA.
  • Compensation for members of the Standards and Academic Subcommittees.
  • Finalising experience requirements for CTPs.
  • When can process for TP-Cs start to be in time for the implementation of Chapter 6?

Services SETA (The Services Sector Education and Training Authority) activities

• Services SETA and TMA-SA met on 3 March 2009 to discuss a partnership regarding the development of the professional qualifications associated the Certified Turnaround Professional programme within the Services SETA’s skills development implementation plan. 
• A workshop with all stakeholders in SA towards the development of a qualification for turnaround professionals of all disciplines took place on 8 April 2008. 

Further meetings were held with Services SETA on 30 April and 26 May 2009.  It appears that all proposed qualifications will follow the easier professional qualification route rather than the NQF route.  Present at the meeting on 26 May 2009 was Dr. Michelle Serfontein, a qualifications expert, who may be appointed by Services SETA to take charge of the turnaround professional certification process on behalf of Services SETA.  A workshop on the road ahead for all professional bodies wishing to have their professionals qualified were held on 27 May 2009.

Committee of Expert Turnaround Practitioners

This committee will serve under the Minister of Labour.  Its activities will be facilitated by Services SETA.   TMA-SA will make 10 members from its Turnaround Governance Board, Standards Subcommittee and Academic Subcommittee available to sit on this committee of experts.

Services SETA next steps

• Formation of the Committee of Expert Turnaround Practitioners - awaiting nominations from the TGB..
• Should turnaround be a stand alone profession or is it part of a wider Management Consulting Profession?
• Professional qualifications:
  • Are they distinct?
  • The professional qualification route for Certified Turnaround Professionals (CTPs), Honourary Certified Turnaround Professionals (HCTPs), Associate Turnaround Professionals (ATPs) and Turnaround Professional Candidates (TPCs) rather than the NQF route?
• Professional body - is it TMA-SA or the Turnaround Governance Board of the former?
• Regulation of business rescue practitioners:
  • Place the turnaround profession on the BUSA (Business Unity South Africa) agenda as the regulatory authority of business rescue practitioners, including helping turnaround to be recognised as a profession.
  • Apply to have the Turnaround Governance Board appointed as the regulatory authority of business rescue practitioners.
    • The dti was notified by TMA-SA on 4 April 2009 of the intent of the Turnaround Governance Board to apply to be appointed as the regulatory authority of business rescue practitioners, should the Minister decide to regulate.
  • Turnaround Governance Board appointed as the regulatory authority of business rescue practitioners.
  • TMA-SA through its Turnaround Certification Oversight Board to represent BUSA on Nedlac with regard to turnaround and business rescue matters.
  • Await government's decision regarding the date of promulgation of the Companies Act.

Other stakeholders

ABASA

• On 30 March 2009 ABASA (Association of Business Administrators of South Africa has agreed to merge their activities and objectives into that of the Turnaround Governance Board. 
• ABASA was formed in 2004 on request of DoJ to be the regulatory authority of Chapter 6 business rescue practitioners.

Government

• The dti was notified on 3 April 2009 by TMA of the intent of the Turnaround Governance Board to apply to be appointed as the regulatory authority of business rescue practitioners, should the Minister decide to regulate.
• Formal application will follow in July 2009.

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Members of TMA-SA and other stakeholders are invited to read this section as well as pages in the menu above, and email comments to for purposes of submitting feedback to the Board of TMA-SA, TMA as the licensor and Services SETA as the implementation partner, to help refine the certification programme.

Partnership between TMA-SA and TMA

In terms of the future license agreement being negotiated, TMA will make its Body of Knowledge and exam papers available for customisation to South African needs and circumstances.

While it will report to the Board of TMA-SA for administrative purposes, the independent Turnaround Governance Board of TMA-SA will have a direct reporting relationship to the Certification Oversight Committee of TMA International for purposes of international oversight and direction.

Partnership between TMA-SA and Services SETA

The Services SETA {Services Sector Education and Training Authority) is currently in the process of developing professional qualifications for each of the industries represented in the sector.  General Business is a recognised industry in the Services sector.

As part of this process the Services SETA is partnering with TMA-SA in developing a professional qualification and a continual professional development (CPD) plan for the industry.

In line with this skills development initiative, the Services SETA welcomes any other qualification development that TMA-SA can offer within the industry.  International benchmarking and or licensing will also be included in the process.  In order to implement the above initiative, the Services SETA needs a working group made up of subject matter experts to assist in the development programme.  TMA-SA will be required to assist in setting up this working group.  TMA-SA will do so by providing members of its Turnaround Governance Board, which in turns consists of an Academic and a Standards Subcommittee.

The Services SETA will fund the qualification and professional qualification development as part of their skills development implementation plan, as per the National Skills Development Strategy 2005-2010.

Who is Services SETA?

Sector Education and Training Authorities (SETA's) have been established in terms of the Skills Development Act and as from 1 April 2000, will be responsible for disbursement of the training levies payable by all employers.  These levies will be collected by the South African Revenue Service via the Department of Labour, and are to be disbursed through a management system motivated by skills requirement assessment and monitoring.  Thus SETA's will ensure that the skill requirements of the sector are identified and that the adequate and appropriate skills are readily available.  The SETA would contribute to the improvement of sector skills through achieving a more favourable balance between demand and supply, and would ensure that education and training:

• Is provided subject to validation and quality assurance;
• Meets agreed standards within a national framework;
• Ensures that new entrants to the labour market are adequately trained, and;
• Acknowledges and enhances the skills of the current work force.

The Minister of Labour established 25 SETA's on 20 March 2000.  The Services SETA has been established to ensure that the skills needs of the services sector are identified and addressed.  This will be achieved through the SETA forming partnerships with its stakeholders and role-players and implementing the business plan.