PHILIPSBURG, Sint Maarten – Minister of Finance Hiro Shigemoto announced on Tuesday that three of the five member board of directors for the national General Pension Fund (APS) Sint Maarten have been appointed. The other two members will be appointed shortly.
Board members are Franklyn E. Richards (chairman), Richards F. Gibson (member) and Eunicio S. Martina (member). The members are appointed for a two-year period
A three member investment committee consisting of experts still has to be appointed. They will advise the board of directors on how to invest the monies which have to be invested according to the 60-40 rule established by the Central Bank of Curacao and Sint Maarten.
At least 60 per cent has to be invested locally and up to a maximum 40 per cent can be invested externally.
A managing director will also be appointed within short in order to manage the pension administration as well as the employees.
"This is a significant development for our country. The potential with respect to the fund investing in the country is tremendous and must be done in a responsible manner in order to safeguard the pension fund for future generations.
"Careful study and analysis with respect to the long-term is necessary when we look at increasing pensions for our senior citizens. There is great potential for our society and we must manage the fund in a responsible manner in order to ensure its sustainability and longevity," Minister of Finance Hiro Shigemoto said on Tuesday.