The Fiji National Provident Fund (FNPF) has responded to criticisms aimed at its Chief Investment Officer, Naibuka Saune, by anonymous Facebook pages that have questioned his frequent international travel and the associated per diem expenditures impacting member funds.
In a statement, FNPF expressed confidence in Mr. Saune’s capabilities, emphasizing that constant travel is essential for his role. They noted that under his leadership, the Fund achieved its highest-ever asset portfolio growth, surpassing the $10 billion mark last financial year, which enabled an impressive interest crediting rate of 8% for its members—the best in 25 years.
FNPF highlighted Mr. Saune’s contributions to diversifying the Fund’s offshore portfolio, forming advantageous partnerships, and expanding investments in resilient sectors. The organization pointed out that his travel is necessary to gain a comprehensive view of the international market landscape and to explore further growth opportunities, facilitating essential relationship-building with international partners.
The statement also acknowledged Mr. Saune’s recognition in the industry, his extensive experience across various markets, and his invitations to prominent international conferences that enhance Fiji’s visibility in the global finance sector.
While some critics have raised concerns about the financial stewardship of FNPF resources, especially amidst economic challenges, the organization stands firm that Mr. Saune’s travel is justified and pivotal for the Fund’s strategic growth.
This situation underscores the delicate balance between accountability and the strategic needs of large organizations. Moving forward, enhanced transparency regarding executive travel could help rebuild trust and demonstrate a commitment to both governance and the interests of fund members, ultimately leading to a stronger, more resilient financial institution.
In conclusion, FNPF’s strategic vision under Mr. Saune signals a positive trajectory for the organization, with the potential for long-term benefits for its members if the growth strategies are effectively implemented.
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