David Geral
Partner | Johannesburg
Contact
T: +27 11 669 9514
Overview
David Geral specialises in pensions, healthcare and insurance, and related aspects of investment management and financial services regulation. David advises local corporations, retirement funds and medical schemes, as well as service providers, on matters of governance, contracting, compliance and dispute resolution.
He has represented clients before the Constitutional Court, the High Court. the Equality Court, the Financial Services and Medical Schemes Appeal Boards, the Pension Funds Adjudicator, the Council for Medical Schemes and the Competition Commission, David has advised on several of South Africa’s significant corporate transactions in relation to the pension, healthcare, insurance and incentive schemes components, including mergers, vendor due diligence, private placements and listings.
David led the team that contributed the South African chapter of ‘A Legal Framework for Impact’, 2021. He is the author of the Pensions title in LexisNexis Law of South Africa. He co-produced the adaptation of the International Corporate Governance Network (‘ICGN’) ‘Model contract terms between asset owners and their fund managers’. He has produced the South African chapters of a number of international guides on fintech regulation, including Lex Mundi, Thomson Reuters, Lexology and IFLR.
Some of David’s recent, notable matters include advising South Africa’s largest administrator of underwritten pension funds in relation to an industry-wide Financial Services Board inspection into alleged irregular pension fund deregistrations; advising the lead investor in South Africa’s first social impact bond (SIB); and representing Transnet (the South African State Rail Utility) in defence and settlement of the country’s first pensioner class action.
Experience
Jurisdictions worked in: South Africa
Languages fluent in: English
Financial Services and Healthcare Regulation
- Advising the Business Unity South Africa caucus of the Nedlac National Health Insurance Task Team on amendments to the National Health Insurance Bill, including in respect of the establishment, funding and governance of the proposed NHI Fund, 2019 – 2021.
- Advising a global online retailer and an international banking group on its ESG related disclosure and reporting obligations under SA law, 2021.
- Advising Transnet SOC Ltd on the amendments required to the Transnet Pension Funds Act in order to consolidate Transnet’s two sponsored defined benefit funds.
- Advising one of South Africa’s largest pension fund administrators in relation to an industry-wide Financial Services Board inspection into alleged irregular pension fund deregistrations, 2015 – 2020.
- Advising the UN Principles for Responsible Investment on the regulation of shareholder collaboration in South African law, (2020).
- Performing benefits due diligence and providing advisory services, compliance and regulatory advice in (among others) the Alexander Forbes Group private equity exit and listing, Marriott Hotels’ acquisition of Protea Hotels’ administration business, Alexander Forbes Group’s disposal of AF Risk Services, the Barloworld / PPC (Kansai) unbundling, the Royal Bafokeng Platinum private placement, the African Oxygen / Afrox Healthcare (now Life Healthcare) separation, the separation of SAB and CCBSA and the unbundling of Valterra Platinum from the Anglo American Group.
- Heading a consortium of three firms in defence, and ultimately settlement, of pensioner class action against Transnet and two affiliated pension funds (largest civil claim and largest class action in SA history), (2013 – 2020).
- Representing The Standard Bank Tutuwa Community Foundation as anchor investor in SA’s first social impact bond (SIB) the Western Cape Government’s Early Childhood Development SIB, 2018.
- Advising the Government Employees Pension Fund (GEPF) on draft amendment legislation to the Government Employees Pension Law 1994 and the Public Service Act for the establishment of the Government Pensions Administration Agency (GPAA) as a government component, and the transfer of the GEPF’s internal administration function as a going concern to the GPAA, and drafting and workshopping the separation agreement and service agreement between the newly separated entities, 2009 – 2010.
- Exclusive legal services provider (contracting, procurement, regulatory, dispute resolution, fraud management) for Government Employees Medical Scheme, 2005 – 2011.
- Representing Life Healthcare in relation to so-called “Ghavalas Option” pensions-stripping inquiry, 2000 – 2008.
- Presenting on opportunities and challenges for pension fund investments in infrastructure at the NEPAD Secretariat meeting to review the NEPAD Continental Business Network (CBN) Report of De-risking Infrastructure and PIDA Projects in Africa (2016)
- Litigation regarding administrator’s incorrect application of ICD-10 codes (medical scheme client and service provider’s names withheld for reasons of legal privilege) (2016);
- Advising Polmed on governance restructuring and assets restructuring (2017)
- Advising Alexander Forbes Insurance on the Demarcation Regulations and the draft MSA Amendment Bill and draft NHI Bill (2018);
- Member of Nedlac NHI Task Team and adviser to Business Unity SA on the passage of the NHI Act 2023 (2019 to 2021).
Awards
- Chambers and Partners 2019 and 2020 ranked David as a Recognised Practitioner for Insurance.
- Nominated by his clients as a stand-out lawyer and has received an Acritas Star Lawyer rating in their 2019 and 2020.
- Shortlisted for the TrustLaw World Pro Bono Lawyer of the Year Award in 2018 for his work in promoting social impact bonds in South Africa.
AREA OF EXPERTISE
Qualifications
Education
David has BA and LLB degrees from the University of Cape Town. He holds a certificate in Impact Investing in Africa from the University of Cape Town, and is a leading attorney in relation to responsible investing, including impact investing, social impact bonds and environmental, social and governance related (ESG) investing, in South Africa.
Professional memberships
He is a CEDR Accredited Commercial Mediator and a notary public.
INSIGHTS
Overview
David Geral specialises in pensions, healthcare and insurance, and related aspects of investment management and financial services regulation. David advises local corporations, retirement funds and medical schemes, as well as service providers, on matters of governance, contracting, compliance and dispute resolution.
He has represented clients before the Constitutional Court, the High Court. the Equality Court, the Financial Services and Medical Schemes Appeal Boards, the Pension Funds Adjudicator, the Council for Medical Schemes and the Competition Commission, David has advised on several of South Africa’s significant corporate transactions in relation to the pension, healthcare, insurance and incentive schemes components, including mergers, vendor due diligence, private placements and listings.
David led the team that contributed the South African chapter of ‘A Legal Framework for Impact’, 2021. He is the author of the Pensions title in LexisNexis Law of South Africa. He co-produced the adaptation of the International Corporate Governance Network (‘ICGN’) ‘Model contract terms between asset owners and their fund managers’. He has produced the South African chapters of a number of international guides on fintech regulation, including Lex Mundi, Thomson Reuters, Lexology and IFLR.
Some of David’s recent, notable matters include advising South Africa’s largest administrator of underwritten pension funds in relation to an industry-wide Financial Services Board inspection into alleged irregular pension fund deregistrations; advising the lead investor in South Africa’s first social impact bond (SIB); and representing Transnet (the South African State Rail Utility) in defence and settlement of the country’s first pensioner class action.
Experience
Jurisdictions worked in: South Africa
Languages fluent in: English
Financial Services and Healthcare Regulation
- Advising the Business Unity South Africa caucus of the Nedlac National Health Insurance Task Team on amendments to the National Health Insurance Bill, including in respect of the establishment, funding and governance of the proposed NHI Fund, 2019 – 2021.
- Advising a global online retailer and an international banking group on its ESG related disclosure and reporting obligations under SA law, 2021.
- Advising Transnet SOC Ltd on the amendments required to the Transnet Pension Funds Act in order to consolidate Transnet’s two sponsored defined benefit funds.
- Advising one of South Africa’s largest pension fund administrators in relation to an industry-wide Financial Services Board inspection into alleged irregular pension fund deregistrations, 2015 – 2020.
- Advising the UN Principles for Responsible Investment on the regulation of shareholder collaboration in South African law, (2020).
- Performing benefits due diligence and providing advisory services, compliance and regulatory advice in (among others) the Alexander Forbes Group private equity exit and listing, Marriott Hotels’ acquisition of Protea Hotels’ administration business, Alexander Forbes Group’s disposal of AF Risk Services, the Barloworld / PPC (Kansai) unbundling, the Royal Bafokeng Platinum private placement, the African Oxygen / Afrox Healthcare (now Life Healthcare) separation, the separation of SAB and CCBSA and the unbundling of Valterra Platinum from the Anglo American Group.
- Heading a consortium of three firms in defence, and ultimately settlement, of pensioner class action against Transnet and two affiliated pension funds (largest civil claim and largest class action in SA history), (2013 – 2020).
- Representing The Standard Bank Tutuwa Community Foundation as anchor investor in SA’s first social impact bond (SIB) the Western Cape Government’s Early Childhood Development SIB, 2018.
- Advising the Government Employees Pension Fund (GEPF) on draft amendment legislation to the Government Employees Pension Law 1994 and the Public Service Act for the establishment of the Government Pensions Administration Agency (GPAA) as a government component, and the transfer of the GEPF’s internal administration function as a going concern to the GPAA, and drafting and workshopping the separation agreement and service agreement between the newly separated entities, 2009 – 2010.
- Exclusive legal services provider (contracting, procurement, regulatory, dispute resolution, fraud management) for Government Employees Medical Scheme, 2005 – 2011.
- Representing Life Healthcare in relation to so-called “Ghavalas Option” pensions-stripping inquiry, 2000 – 2008.
- Presenting on opportunities and challenges for pension fund investments in infrastructure at the NEPAD Secretariat meeting to review the NEPAD Continental Business Network (CBN) Report of De-risking Infrastructure and PIDA Projects in Africa (2016)
- Litigation regarding administrator’s incorrect application of ICD-10 codes (medical scheme client and service provider’s names withheld for reasons of legal privilege) (2016);
- Advising Polmed on governance restructuring and assets restructuring (2017)
- Advising Alexander Forbes Insurance on the Demarcation Regulations and the draft MSA Amendment Bill and draft NHI Bill (2018);
- Member of Nedlac NHI Task Team and adviser to Business Unity SA on the passage of the NHI Act 2023 (2019 to 2021).
Awards
- Chambers and Partners 2019 and 2020 ranked David as a Recognised Practitioner for Insurance.
- Nominated by his clients as a stand-out lawyer and has received an Acritas Star Lawyer rating in their 2019 and 2020.
- Shortlisted for the TrustLaw World Pro Bono Lawyer of the Year Award in 2018 for his work in promoting social impact bonds in South Africa.
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