Good governance and ethical behaviour provide the foundation for GEPF to realise its aspiration to be a role model for pension funds worldwide.
GEPF complies with the requirements of the Government Employees Pension Law (GEP Law) and the rules of the Fund, but also looks to the Pension Fund Act for best practice where the two are not in conflict. GEPF is committed to transparency, integrity and accountability based on accepted corporate governance principles and practices.
The Board governs the Fund – it is accountable for administrative and investment performance. The Board is also responsible for compiling and approving the annual financial statements, which are presented to Parliament by the Minister of Finance.
According to the GEP Law, fiduciary responsibility for the Fund rests with the Board of Trustees. The law requires that the Board be appointed for a four-year term, after which it must make way for a new Board. The current Board was inaugurated by the Minister of Finance on 22 September 2009 and its four-year term of office will run until September 2013. In line with the GEP Law, the Board consists of 16 trustees, led by an elected chairperson and vice-chairperson. Each trustee has an elected or appointed substitute, ensuring full and proper representation at all times.
The Board Secretariat ensures that the Board practices good governance at all times, provides guidance to the board on the duties of the trustees, ensures that the trustees are adequately inducted and trained and provides an executive secretariat function to the Board and its committees.