The Fiji National Provident Fund (FNPF) has responded to criticisms directed at its chief investment officer, Naibuka Saune, by anonymous Facebook entities that have questioned his frequent international travel and the resulting per diem expenses that they claim come at the cost of member funds.
In a recent statement, FNPF expressed its appreciation for Mr. Saune, highlighting that his position necessitates regular travel to effectively manage investments. FNPF emphasized Mr. Saune’s significant contributions to the Fund’s record investment performance, which has led to the asset portfolio surpassing the $10 billion mark in the last financial year. This achievement has enabled the fund to declare an 8% interest crediting rate for its members — the highest in the past quarter-century.
Moreover, according to FNPF, under Mr. Saune’s guidance, the Fund has not only expanded its offshore portfolio but also diversified into resilient sectors while establishing new partnerships. His international travel is seen as essential in fostering these relationships and enhancing opportunities for growth in foreign markets.
The statement underscores Mr. Saune’s recognized expertise in fund management, private equity, and mergers and acquisitions across Fiji, Australia, and other international markets, which strategically positions the FNPF for offshore growth. His participation in significant international forums, such as the IFC Infrastructure and Commonwealth Business Forum, has also augmented Fiji’s profile in the global finance and business landscape.
While the critics argue that the travel lacks transparency and raises concerns amid economic hardships, FNPF insists that Mr. Saune’s role is indispensable in navigating the complexities of international investment, and that his travel is fully supported by the Fund with a view to long-term benefits for its members.
In light of these developments, it is important to recognize the ongoing efforts of FNPF to adapt and respond to both internal and external pressures while striving for transparency and accountability.
Overall, the situation reflects the challenges that management organizations often face in balancing operational needs with public perception. With continued commitment to transparency and effective communication, FNPF can enhance trust among its members and provide assurance regarding its leadership’s decisions and strategies.
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