Dr. the Honourable Nigel Clarke, Minister of Finance and the Public Service announced during the Tuesday, December 11, 2018 sitting of the House of Representatives, the establishment of an Investment Management Review Commission to review the National Insurance Fund (NIF) Investment Management Governance Framework, benchmarked against international best practices for state pension funds. The Commission consists of individuals from various backgrounds and expertise, and is designed to ensure that the NIF Investment Governance Framework has and maintains the confidence of the Jamaican people.
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|
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.
Dr. 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.
For further information contact:
Communication & Public Relations Branch
Ministry of Finance and the Public Service
30 National Heroes Circle
Tel: (876) 932-4656/4660/4655
Contact: Elaine Oxamendi Vicet / Daniel Passley