Super Fund fronts up to downturn questions

Tuesday October 15, 2019 Written by Published in Economy

Members are to question the National Superannuation Fund’s negative return at the general meeting this afternoon.

 

Damien Beddoes, the chief executive officer, said the Sinai Hall meeting was a chance for members to ask questions about any component of the Fund.

Information relating to the activities of the Fund, its performance, and the types of benefits provided, are to be shared.

The Fund, which has net assets of about $176 million, experienced wide fluctuations in monthly performance returns, with large negative returns in October and December last year.

Earlier Beddoes said they never liked to see negative returns for the members, but the Fund took a long-term approach to investment. “From time to time the Fund will experience negative returns due to its exposure to international investment markets.”

Today’s meeting will also give members an opportunity to meet their representatives.

Members have two representatives on the Fund’s board: Anna Koteka, who is elected by the members, and John Tini, who is the Cook Islands Workers Association representative.

The Fund also has two employer representatives. They are Tatiana Burn, the Cook Islands Chamber of Commerce employers’ representative, and Heinz Matysik, as the non-chamber employers’ elected member.

“The purpose of the meeting is to ensure an open forum of communication in addition to the transparency and reporting provided on the Fund website, and Facebook forum,” Beddoes said.

As of June 30, 2019, the Fund had 11,670 members.

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