FNPF Stands Firm Against Criticism of Chief Investment Officer

The Fiji National Provident Fund (FNPF) has responded to recent criticisms directed at its Chief Investment Officer, Naibuka Saune, regarding his frequent international trips and the associated per diem expenses. Some anonymous Facebook pages questioned whether these travels were justified and beneficial for the fund’s members.

In a statement, FNPF defended Mr. Saune, highlighting his crucial role in achieving record investment performance that helped grow the fund’s assets to over $10 billion in the last financial year. This success enabled FNPF to declare its highest interest crediting rate of 8% for its members in the past 25 years.

The organization emphasized that Mr. Saune’s travel is essential for managing offshore investments and pursuing new growth opportunities. It noted that his extensive experience in fund management, private equity, and mergers and acquisitions allows him to effectively engage with international markets, fostering beneficial partnerships.

Mr. Saune has also been recognized on global platforms, being invited to address significant international conferences, such as the IFC Infrastructure and Commonwealth Business Forum, which enhances Fiji’s standing in the global financial landscape.

In response to the critical Facebook post from the Fiji Transparency group, which called for improved accountability and transparency from the FNPF regarding Mr. Saune’s travels amid rising inflation and economic challenges, the fund remains committed to responsible stewardship of its resources.

This development showcases the ongoing efforts of the FNPF leadership to ensure strategic growth and maintain member confidence, even amidst scrutiny. The increase in transparency and dialogue between the fund and the public could pave the way for improved understanding and support for its initiatives.

In this light, it’s hopeful that FNPF’s commitment to transparency and member engagement will strengthen trust and accountability as it navigates economic challenges while striving for growth and stability.