Pension Office board expanded to 9 members

The Pension Office has increased the size of its board from eight to nine members and introduced changes to its governance code, including wider powers for the chief executive officer.

The office began implementing the revised governance code, gazetted on Monday, the Pension Office said.

The new board will comprise:

Previously, the board included one member representing the Capital Market Development Authority and four private-sector representatives.

Under the previous rules, the executive board oversaw the Pension Office’s daily operations in line with the pensions law. Under the revised code, those operations will be carried out under the supervision of the office’s CEO.

The amendments also state that senior management will implement the Pension Office’s strategies, policies and decisions under the CEO’s direction and oversight.

Board members must now be Maldivian citizens aged at least 35. The chairperson and private-sector members must hold a degree in economics, law or business. Under the revised rules, all board members must hold a degree in one of the following fields: pensions, finance, auditing, investment, business, economics, law, information technology, social security, public policy or human resources.

A nomination committee will select candidates for the chairperson and board positions and advise the president on appointments.

Yazmeed Mohamed was appointed CEO of the Pension Office last month, after his predecessor resigned in May.

The changes follow a decision by the Pension Office board to sell MVR2.4 billion in bonds held by the pension fund to the Maldives Monetary Authority and invest the proceeds in government bonds. Several board members and senior officials later resigned, citing concerns that the decision could harm the economy.