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The Cook Islands National Superannuation Fund (CINSF) management team. From left to right: Rangi Ivaiti – Chief Financial Officer, Twinn Joseph – Chief Membership Officer, Damien Beddoes – Chief Executive Officer, Samantha Ivaiti – Chief Risk Officer and David Brown – Chief Investment Officer. CINSF/24082111
Nine candidates are vying to represent the Cook Islands National Superannuation Fund (CINSF) membership on the board for the next three-year term.
Superfund members can now vote online for their representatives. The voting portal officially opens this Wednesday and closes at 3pm on Tuesday 27 August. The successful candidates will be announced on 31 August.
CINSF chief executive Damien Beddoes confirmed that nine candidates had submitted expressions of interest following the initial advertisement for nominations earlier this month.
The candidates are Ben Marshall, Tim Meyer, Elizabeth Hosking, Jezebel Tamasese, Anna Koteka, Ashleigh Steele, Derek Johnson, Chiavanni Le’Mon and Olivia Heather.
The nominees come from a variety of backgrounds, including lawyers, business, industrial relations, financial management and policy advisors.
“CINSF currently has over $270 million in assets and the board has significant responsibility for the management of the fund, so we strongly encourage members to register to vote and elect the people who will represent them on the CINSF board,” Beddoes said.
Board members play a critical role in overseeing the management and strategic direction of the Fund, which directly impacts the retirement savings and financial security of all members.
Current member representative Anna Koteka, who has held the position for three years, has reapplied and is one of nine candidates vying for the position.
Koteka has worked as a financial accountant at Capital Security Bank Ltd (CSB) for over 20 years.
After reapplying for the position, Kotka hopes to stay connected to her community and give back through this role.
“When I joined, the fund was $31.5 million. It is currently about $265 million. This is a great responsibility for a board member and I always keep in mind that this is not our money. This is people’s hard-earned money and we must take good care of it,” Kotka wrote in her voting materials.
“I am also proud of what the Cook Islands National Foundation has achieved. Since the Privy Council’s decision, the Board has been busy focusing on the future development of the Foundation, which is now regarded by many as the most open and transparent organisation in the Cook Islands.
“We looked at the composition of the portfolio and implemented a new reference portfolio that achieves market returns at the lowest cost to our members. We also localised the management of the fund, reducing costs while creating skilled jobs.”
To vote and view profiles of all nominees, visit: https://www.surveymonkey.com/r/BZV952Q.
CINSF members are required to enter their NSF number to confirm their membership. Each member may only cast one vote. If a member submits more than one vote, both votes will be deleted and not counted.
Current board members are Tatiana Burn, Garth Henderson, Anna Koteka, Heinz Matysik, Alan Taylor and John Tini.
Meanwhile, the Cook Islands National Superannuation Fund has been holding a public consultation on proposed changes to the Cook Islands National Superannuation Act.
Beddoes said one of the changes to strengthen board governance is replacing four representative positions with two representative positions and five professional board positions.
The super fund also proposed “requirements for new board members to meet a fit and proper person test, hold appropriate qualifications and experience, as well as a transparent appointment process, longer appointment periods, board performance requirements and the removal of board members for failure to perform their duties”.
Other representatives on the CINSF board are also nominated by its entity Chamber of Commerce, the Cook Islands Workers Association, and by non-Chamber employers representing non-Chamber members.
Beddoes confirmed that there was only one applicant for the non-chamber employer representative position.
“There is currently only one new member on the board, Alan Taylor. The expiration of his term will be determined by the new board.”
The consultation is being held as part of a review of the Funds Bill, following two independent reviews highlighting the need for greater checks and balances as a result of significant risks arising from an imbalance in decision-making power.
The review showed that the current structure gave too much decision-making power to one role, increasing risks for the Fund.
- Melina Etches/Pastor Mike
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