#header-inner img {margin: 0 auto !important; #header-inner {text-align: Center ;} Fiji Coupfourpointfive: FNPF Board Members enjoyed exorbitant allowances

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Monday, August 10, 2009

FNPF Board Members enjoyed exorbitant allowances

The Fiji National Provident Fund's annual report has revealed that its six board members received almost $159,000 in allowances between January 1st and 31st December 2007.

The report showed that the total amount paid to the 6 in directors’ fees was $941,000, an increase of $372,000 paid to the ousted board members in 2006.

FNPF Chief Executive Aisake Taito and new Board Chairman John Prasad declined to comment on the issue.

5 of the 6 Board members were terminated in June this year by Bainimarama.

They were Chairman Parmesh Chand, Employee representatives Felix Anthony and Daniel Urai – General Secretary and President respectively of Fiji Trades Union Congress, and Employer reps James Datta and Howard Politini.

Only Permanent Secretary of Labour Taito Waqa – regime appointee with Chand – is the surviving member from the axed Board.

When Bainimarama terminated the FNPF Board a few weeks after the December 2006 coup, he said FNPF needed a new direction to be cost effective.

9 comments:

Anonymous said...

I recall that Government-owned enterprises Directors were paid Directors' fees as follows:- Chairman $10,000 per annum Dep Chairman $8000 pa and Directors $5000 pa.

Apparently these fees have icreased dramatically since the 2006 coup.

For FNPF this happened at a time when members' benefit have been reduced drastically.

But then again this is the same for other coup supporters. We will wait for the democratic government in 2014 or whenever Frank decides. D-day will come eventually.

One day Mafatu!

Keep The Faith said...

These fullah's should be strung and quartered.

How dare they help themselves to money that belongs to the people of this country! Money that is otherwise unavailable to the people who OWN IT, under the guise of "we're investing it and this money is for your retirement".

The injustices in this country just continue to roll out!

Anonymous said...

Heard from some within the Fund that the 2007/8 Board was very hands-on, with many weekly and sometimes daily meetings convened with Management.

However, it turns out that a good portion of that time was spent either bringing themselves up to speed with what Management already knew, or else with second-guessing board paper advice.

But just as we have seen with Frank's "can do" interventionist bravado (and Rabuka's before him), if it was so easy to do a better job, then surely previous incumbents should have just been able to do it themselves. They can't ALL have been blind, or corrupt or incompetent.

This whole sorry episode has therefore, like the coup itself, highlighted the dangers of assuming others are corrupt or incompetent without knowing the facts. And worse, of going even to the point of breaking of the law to act on those assumptions.

But even if the 2007/8 Board had been able to do a better job than the 2006 one, it wouldn't matter too much since the MAIN impactor on the FNPF and its investment portfolio is not its governance guidelines, or even its board or executives performance.

No - the main determinant of the Fund's investment performance is the strength of the Fiji economy - something that has been in general and continued decline ever since the 2006 coup!

I wonder when this self-destructive charade is going to end?

Anonymous said...

legislation should be put in place to protect the members funds:
- govt cannot access nor dictate our members funds are to be invested nor used to prop up fiji's economy
- not allow any funds to be invested in large projects in fiji
- dont allow members to access funds until they retire so that when members do retire they have a decent pension to live on
- hold the chairperson, board members accountable for every decision they make on behalf of the members with mandatory jail terms included and maximum monetary penalities
- member funds should be invested offshore in secure investments (portfolio to include various types of secure investments) with profitable returns
- members should have a say as to who should be on the board, with an independent body to scrutinise and vet the board members prior to accepting them. make mandatory minimum qualifications to be on the board - at least a masters degree from top rated universities, at least 10-15 yrs in professional executive positions in managing superannuations funds, hold current professional memberships to relevant bodies like CPA, CA with emphasis on superannuation and investments.
unless we have qualified, experts in the superannuation industry at the board level, then member funds will not grow nor exceed premium level of returns and in turn will affect us when we retire.
THESE BOARD MEMBERS HAVE RIPPED US OFF OUR HARD EARNED CASH...SHAME ON YOU GUYS THAT YOU CAN WALK AROUND THINKING YOU DID A GOOD JOB AND STEAL OUR FUNDS IN THE PROCESS! MAY YOU HAVE MANY SLEEPNESS NITES FOR THE REST OF YOUR LIVES!

Anonymous said...

Keep on filling your pockets while you can! Justice will soon catch up with you. I wonder if you do sleep peacefully at night you bunch of crooks!

Anonymous said...

This is very consistant with the good old dictatorship model refined by the likes of Kim Il Jong, Mugabe and Saddam Hussein: Flood your croonies with favours at the expense of the general public and hope that you can buy loyalty. Well, we saw what happended to Saddam, didn't we?

Anonymous said...

What goes around comes around. Remember Chodory who stole millions from various people, well he is paying by his wife's cancer. If he thinks he can keep that money, forget it. It will be wasted on his wife's treatment. The same will happen to all these crooks, including Vore. God is watching. He never sleeps. And He said, vengeance is mine!

Anonymous said...

WHAT ARE FNPF MEMBERS GOING TO DO - SWEET NOTHING AS THE PEOPLE OF FIJI ARE VERY GOOD AT TALKING AND NOT TAKING ACTION TO RIGHT ALL THE WRONGS AGAINST THEM.

I SAY SHUT UP AND SUFFER IF Y0U CANOT DO NOTHING LIKE THE BRAVE MEN AND WOMEN OF IRAN.

Anonymous said...

What do people really expect with a sailor (pirate)in charge of national accounts? (money).