FNPF’s Chief Investment Officer Under Fire: Is His Travel Justified?

The Fiji National Provident Fund (FNPF) has responded to criticisms directed at its Chief Investment Officer, Naibuka Saune, following allegations made by anonymous Facebook pages about his frequent international travels and the per diem expenses incurred that are said to come at the cost of member funds.

In a statement released yesterday, the FNPF praised Mr. Saune’s contributions, noting that his frequent travel is essential for his role. The organization highlighted that under his leadership, the Fund has achieved record investment performance, driving the asset portfolio beyond the $10 billion mark in the last financial year. Thanks to this success, the FNPF was able to announce an interest crediting rate of 8% for its members, the highest in the past 25 years.

FNPF explained that Mr. Saune’s travel is crucial for maintaining oversight of the Fund’s offshore investments and exploring potential growth opportunities. His efforts have facilitated the expansion of the Fund’s offshore portfolio and the establishment of new partnerships, vital for sustaining long-term growth.

Further emphasizing Mr. Saune’s qualifications, FNPF stated that he has extensive experience in fund management, private equity, and mergers and acquisitions across various markets, including Fiji and Australia. His participation in prestigious international conferences, such as the IFC Infrastructure and Commonwealth Business Forum, has also contributed to enhancing Fiji’s visibility in the global finance sector.

Despite the criticisms regarding transparency related to his travels, FNPF asserted that Mr. Saune’s strategic approach is designed to enhance the Fund’s overall performance and deliver benefits to its members, even amid economic challenges.

Overall, the FNPF’s defense of Mr. Saune reflects its commitment to transparency and accountability, while also highlighting the importance of strategic investments and international relations to foster growth for the benefit of its members.

This situation underscores a crucial balance between accountability and the need for proactive leadership in financial institutions, reminding stakeholders of the importance of well-informed decision-making in navigating economic challenges.