7 Dec 2011

Employers and employees lose seats on Fiji National Provident Fund board

2:43 pm on 7 December 2011

Representatives of employers and employees will no longer have seats on the board of Fiji's main pension scheme.

Fiji's interim regime has brought in wide ranging changes to the Fiji National Provident Fund under a new decree, including the make-up of a seven member board.

Sally Round reports

"Critics have said the board is unaccountable and lacks independence despite specific provision for different groups. The Fund's CEO Aisake Taito says under the reforms specific stakeholders won't be represented, instead he says board members will speak in the interests of all fund members. He says they will be appointed on their merits and will be vetted by the Reserve Bank of Fiji. Under the decree, no more than one board member is to be a public official and the Minister of Finance, currently interim leader Commodore Frank Bainimarama, has final say on appointments. Mr Taito has refuted criticism that there is excessive government involvement in the FNPF, saying it is an independent organisation."