The CINSF have planned public consultations to seek feedback from members and employers on a few key areas related to Governance Strengthening of the Fund.
The 2 main areas relate to the Board and the Trustee and the roles and responsibilities between them, and the Board appointment process.
The CINSF Board has obtain 2 independent reviews of the Funds Governance, and both reviews identified an increased risk to the Fund by having too much decision making power in one of the roles, and recommended these be rebalanced to improve the checks and balances on each other.
The CINSF Board also requested changes to the Board Appointment Process to add a Fit and Proper Persons Test, Qualifications, Skills, and Experience, and to amend the representation model to provide for industry specific expertise and longer appointment terms. The existing CINS Act 2000 does not provide the ability to implement such changes to strengthen its Governance.
In addition to the above the Board also seek to clarify the tax and VAT position of the Fund, the protection of member benefits, and make minor corrections and clarifications to the CINS Act 2000.
As part of the member Benefits the Board is seeking feedback on proposed changes to the Pension Benefit to provide for Single Pensioners, and also survey stakeholders on the current contribution rates and if they should be amended.
The first public consultation meeting is planned for Rarotonga on Wednesday 31 July 2024 at 4:30pm, at the Sinai Hall. The Pa Enua consultations shall start from 12 August 2024 in Aitutaki.
If you would like to know more please click to view the presentation, and if you have any feedback please email to enquiry@superfund.gov.ck.
Meitaki maata
