The Fiji National Provident Fund (FNPF) has responded to criticisms directed at its chief investment officer, Naibuka Saune, by several anonymous Facebook pages. These pages claimed that Saune’s “frequent travels abroad” and “substantial per diem earnings” were a misuse of member funds.
In a statement issued yesterday, FNPF expressed its confidence in Mr. Saune’s capabilities, highlighting that his position necessitates regular travel. The organization noted, “Mr. Saune has played a key role in achieving record investment performance, which has helped grow the Fund’s asset portfolio beyond the $10 billion mark in the last financial year.”
The success of the Fund has enabled it to declare an interest crediting rate of 8% for its members, the highest in 25 years. Under Saune’s guidance, the Fund has diversified its offshore portfolio, invested in resilient sectors, and established new partnerships. His travel, sanctioned by the Fund, is crucial for developing relationships and engaging with international markets.
FNPF emphasized that Saune’s expertise is well-regarded, bringing extensive experience in fund management, private equity, and mergers and acquisitions across Fiji, Australia, and other international markets. This positions the Fund favorably for its offshore growth strategy.
Additionally, Saune has been invited to speak at notable international conferences like the IFC Infrastructure and Commonwealth Business Forum, enhancing Fiji’s reputation in global finance and business discussions.
A Facebook post from Fiji Transparency, which labels itself as an “apolitical page advocating for transparency since the 2018 Fijian Elections,” accused Saune of taking numerous unjustified trips that purportedly lack clear advantages for the Fund. The post raised alarms about the management of FNPF’s resources during challenging economic times marked by high inflation.
It called for greater transparency regarding these travels, expressing the need for accountability and adherence to good governance principles.
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