|
|
Membership of Commission and terms of office of members.
|
7.—(1) The Commission shall consist of a chairperson and 6 ordinary members.
|
|
| |
(2) Each member of the Commission shall be known as a commissioner of the National Pensions Reserve Fund, and is in this Act referred to as a “commissioner”.
|
|
| |
(3) The commissioners shall be appointed by the Minister.
|
|
| |
(4) Subject to subsection (5), the Minister shall only appoint persons to be commissioners who have acquired substantial expertise and experience at a senior level in any of the following areas—
|
|
| |
(a) investment or international business management,
|
|
| |
(b) finance or economics,
|
|
| |
(c) the law,
|
|
| |
(d) actuarial practice,
|
|
| |
(e) accountancy and auditing,
|
|
| |
(f) the Civil Service of the Government or the Civil Service of the State,
|
|
| |
(g) trade union representation,
|
|
| |
(h) the pensions industry,
|
|
| |
(i) consumer protection.
|
|
| |
(5) The Minister shall not appoint a person, who holds a position in the Civil Service of the Government or the Civil Service of the State, as a commissioner.
|
|
| |
(6) The Minister shall designate one commissioner, other than the chief executive officer of the Manager, as chairperson of the Commission.
|
|
| |
(7) The chief executive officer of the Manager shall be an ordinary member of the Commission.
|
|
| |
(8) Subject to subsection (9), the term of office of an ordinary member of the Commission shall be 5 years, or in the case of the chief executive officer of the Manager, the period during which he or she is such officer.
|
|
| |
(9) The term of office of 5 of the first ordinary members of the Commission, other than the chief executive officer of the Manager, shall be—
|
|
| |
(a) 3 years in respect of 2 such members, and
|
|
| |
(b) 4 years in respect of 3 such members,
|
|
| |
determined by the Minister.
|
|
| |
(10) A commissioner, other than the chief executive officer of the Manager, shall not serve for more than 2 consecutive terms of office.
|
|
| |
(11) There shall be paid to the commissioners such remuneration (if any) and such allowances for expenses incurred by them as the Minister may from time to time determine.
|
|
| |
(12) Each commissioner shall hold office on such terms (other than the payment of remuneration and allowances for expenses) as the Minister determines at the time of his or her appointment.
|
|
| |
(13) A commissioner shall be disqualified from being a member of the Commission where he or she—
|
|
| |
(a) is adjudged bankrupt,
|
|
| |
(b) makes a composition or arrangement with creditors,
|
|
| |
(c) is convicted of an indictable offence in relation to a company,
|
|
| |
(d) is convicted of an offence involving fraud or dishonesty, or
|
|
| |
(e) is disqualified or restricted from being a director of any company.
|
|
| |
(14) A commissioner may at any time resign his or her membership by letter addressed to the Minister and the resignation shall take effect from the date specified therein or upon receipt of the letter by the Minister, whichever is the later.
|
|
| |
(15) A commissioner may at any time for stated reasons be removed from membership of the Commission by the Minister if, in the Minister's opinion, the member has become incapable through ill-health of performing his or her functions, or has committed stated misbehaviour, or his or her removal appears to the Minister to be necessary for the effective performance by the Commission of its functions.
|
|
| |
(16) If a commissioner dies, resigns, retires, becomes disqualified or is removed from office, the Minister may appoint a person to be a commissioner to fill the casual vacancy so occasioned and the person so appointed shall be appointed in the same manner as, and for the remainder of the term of office of, the commissioner who occasioned the casual vacancy.
|
|
| |
(17) A commissioner whose period of membership expires by the effluxion of time shall be eligible for re-appointment as a commissioner.
|
|
| |
(18) The Minister shall, in so far as is practicable and having regard to relevant experience, ensure an equitable balance between men and women in the composition of the Commission.
|
