Clarke appoints NIF Investment Management Review Commission
An Investment Management Review Commission has been established to review the National Insurance Fund (NIF) Investment Management Governance Framework.
The Commission, slated to come into effect in January 2019, will be chaired by Rohan Miller, Head of Treasury at Sagicor Financial Corporation, and will also include:
Julian Mair - Group Chief Investment Strategist, JMMB
Mariame McIntosh-Robinson - President and CEO, First Global Bank Ltd.
Justin Nam - Vice President, Portfolio Manager, Eppley Ltd.
Julie Thompson James - Vice President, Scotia Jamaica Ltd.
Jacqueline Sharpe - Former CEO, Scotia Group Jamaica Ltd.
Sanya Goffe - Attorney and President, Pension Funds Association of Ja.
Senator Matthew Samuda - Entrepreneur
Everton McFarlane - Executive Director, Financial Services Commission
O’Neil Grant - President, Jamaica Civil Service Association
Granville Valentine - General Secretary, National Workers Union
Senator Kavan Gayle - President, Bustamante Industrial Trade Union
Ambassador Lorne McDonnough - Former CEO, Caribbean Development Fund
Carlene O’Connor - Deputy Financial Secretary, MoFPS
Nadeen Spence - Gender Advocate
Suzette Morris - Manager, Ministry of Labour and Social Security
Nominee - The Caribbean Community of Retired Persons
In announcing the Commission in Parliament on Tuesday Finance Minister Dr Nigel Clarke said the appointments are in accordance with Section 39(4) of the National Insurance Act which provides for the Minister with responsibility for finance to direct operations and approve the NIF Investment Policy.
The Commission will be charged to provide advice that ensures that the NIF benefits from international best practices of fund management regarding disclosure, diversification, asset allocation, governance and investment management practices.
Clarke stated “This Commission will review the governance arrangements, investment policies, asset allocation and risk management of the Fund, and appraise and evaluate the fund performance against returns and best practices in the private sector pension fund industry as well as benchmark against similar national funds in other jurisdictions. We want to ensure that contributors and pensioners always have the confidence that the NIF is invested in their best interest over the long term, and, that it abides by the highest standards of transparency, while delivering competitive investment returns.”
The NIF is funded through employer and employee contributions to the National Insurance Scheme (NIS), which is reviewed by actuaries triennially.