Board of Trustees

The Board consists of a Chairman and not more than nine members. The Minister appoints ­four members representing employees, four members representing the Government, two of these members being the Principal Secretary in the Ministry of Labour and Public Service and the Principal Secretary in the Ministry of Finance. One member is appointed for his expertise in a field the Minister may consider desirable for the policing of the Fund.

 

The Public Service Pensions Fund Board decides on any matter from time to time referred to it by the Minister, supervising the operations and management of the Fund, deciding on the financing and financial position of the Fund. It decides upon the investments of the assets of the Fund and in making such decision, acts on the advice of the Investment Committee consisting of the Chairman of the Board and four other persons appointed by the Minister in consultation with the Board for their expertise in investment matters.

 

Board Committees

There are three statutory committees:

·         Investment Committee

The Investment Committee’s role is to advice the Board of Trustees on investment strategies. Then Committee consists of Chairman of the main Board, four other persons appointed by the Minister of Public Service in consultation with the Board for their expertise in investment matters.

·         Human Resources and Administration Committee

The Human Resources and Administration Committee consists of four Board members. The role of the Committee is mainly to assist the Board in fulfilling its objective to ensure that the Fund has effective policies, processes and practices for appropriately attracting remunerating and retaining staff who will add value to the Fund.

·         Finance and Audit Committee

In line with best practices, the audit committee compromises of four Board members appointed to enhance the overall effectiveness of internal controls at the Fund through the internal audit risk department.