Opposition urges broader financial, investment and business expertise in remaining SINPF Board appointments to protect savings.
Honiara, Solomon Islands – The Parliamentary Opposition Group is calling on the Minister of Finance to ensure that any remaining appointments to the Solomon Islands National Provident Fund (SINPF) Board bring a stronger mix of financial, investment, business and commercial expertise to the institution responsible for managing the retirement savings of Solomon Islands workers.
The Opposition welcomes the appointment of Dr Philip Tagini as Chairman and Mr Ronald Dive as Deputy Chairman. Both are lawyers and bring valuable legal backgrounds and expertise to the Board.
However, the Opposition says the SINPF is not a law firm or a regulatory compliance committee. It is the custodian of the retirement savings of Solomon Islands workers and a major institutional investor.
The Opposition says any positions still available on the Board provide an important opportunity for the Minister to broaden the Board’s collective expertise to match the scale and complexity of SINPF’s responsibilities.
SINPF has significant commercial interests, including a 97.32 percent shareholding in Solomon Telekom Co. Ltd and 100 percent ownership of South Pacific Oil Ltd, Solomon Housing and Solomon Finance Limited. The Fund also holds significant interests in SolTuna, the Solomon Islands Submarine Cable Company, Heritage Park Hotel and Loloata in Papua New Guinea.
“An institution with this level of financial and commercial responsibility needs a Board whose collective expertise goes beyond legal and regulatory knowledge. It needs people who understand investment strategy, corporate finance, economics, risk management, business performance and commercial decision-making,” the Opposition said.
SINPF currently lists five directors on its Board, while its governance framework provides for up to eight. The Opposition says that any remaining appointments should therefore be used to address gaps in the Board’s collective skills and experience.
The Opposition is urging the Minister of Finance to consider a transparent call for applications from suitably qualified Solomon Islanders, particularly those with proven experience in finance, investment, business, economics, risk management and commercial governance.
“Let the best qualified Solomon Islanders put themselves forward. Give the Minister a broad pool of people from which to identify those with the skills and experience needed to complement the existing Board,” the Opposition stated.
The Opposition says the Minister retains the authority to make the appointments. However, opening the process to qualified applicants would provide a broader pool of candidates and strengthen confidence that appointments are based on qualifications, experience and the ability to serve the interests of SINPF members.
“These are the hard-earned savings of Solomon Islands workers, set aside for their future. They deserve a Board with the right combination of competence, experience, integrity and commercial judgement to protect and responsibly manage those savings”, the Opposition said.
SOURCE//: OPPOSITION OFFICE PRESS RELEASE
