National Retirement Benefit Fund (Appointment of Directors) Regulation 2015

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National Retirement Benefits Fund (Appointment of Directors) Regulations 2015








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NATIONAL RETIREMENT BENEFITS

FUND (APPOINTMENT OF DIRECTORS)

REGULATIONS 2015


National Retirement Benefits Fund

(Appointment of Directors) Regulations 2015 Arrangement of Sections





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NATIONAL RETIREMENT BENEFITS FUND

(APPOINTMENT OF DIRECTORS) REGULATIONS

2015

Arrangement of Sections

Regulation

1 Short Title .............................................................................................................. 3
2 Definitions ............................................................................................................. 3
3 Appointment .......................................................................................................... 4
4 Qualification .......................................................................................................... 4
5 Number of Directors appointed ............................................................................. 4
6 Invalid nominations ............................................................................................... 4
7 Appointment deadline ............................................................................................ 4
8 Nomination Sectors ................................................................................................ 5
9 Sector Consultations .............................................................................................. 5
10 Consultations Process ............................................................................................ 5
11 Nominations ........................................................................................................... 5
12 Notice of Nomination ............................................................................................ 5
13 Timing of nominations .......................................................................................... 5
14 Late nominations .................................................................................................... 6
15 Nominees ............................................................................................................... 6
16 Notice of Appointment .......................................................................................... 6
17 Transitional ............................................................................................................ 6

National Retirement Benefits Fund (Appointment of

Directors) Regulations 2015 Regulation 1





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NATIONAL RETIREMENT BENEFITS FUND

(APPOINTMENT OF DIRECTORS) REGULATIONS

2015

NATIONAL RETIREMENT BENEFITS FUND ACT 2010

IN EXERCISE of the powers conferred by section 58 of the National

Retirement Benefits Fund Act 2010, the Minister for Finance, with the consent

of Cabinet, makes the following Regulations —



1 Short Title

These Regulations may be cited as the National Retirement Benefits Fund

(Appointment of Directors) Regulations 2015.

2 Definitions

(1) In these Regulations, unless the contrary intention appears -

“Act” means the National Retirement Benefits Fund Act 2010, as amended;

“Board” means the National Retirement Benefits Fund Board of Directors

appointed under the Act and these Regulations;

Regulation 3

National Retirement Benefits Fund (Appointment of

Directors) Regulations 2015





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“Chairman” means the Chairman of the National Retirement Fund Board

appointed under the Act;

“churches” means religious organizations which are members of the fund;

“private business” means a private employment entity which is a member of

the Fund;

“statutory board” means an entity specifically created by statute;

“public enterprise” means a public enterprise under the Public Enterprises Act

2002.

3 Appointment

The Minister shall appoint to the Board, seven (7) directors with appropriate skills and

expertise in relevant fields inclusive of finance and management of financial assets,

in accordance with these Regulations.

4 Qualification

The appointments shall be made from persons with relevant experience and

qualifications in one or more of the fields of expertise set out in regulation 3,

nominated to the Minister under these Regulations.

5 Number of Directors appointed

Six (6) Directors shall be appointed from persons nominated to the Minister by the

sectors and one (1) director may be appointed from persons nominated by the current

Chairman of the Board.

6 Invalid nominations

Notwithstanding Regulation 5, where nominations made are invalid on the ground of

non-compliance with the provisions of these Regulations, the Minister shall appoint

as he deems fit, director with relevant experience and qualifications.

7 Appointment deadline

The appointment shall be made no later than seven (7) days prior to the expiry of the

current Directors’ term of office.

National Retirement Benefits Fund (Appointment of

Directors) Regulations 2015 Regulation 8





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8 Nomination Sectors

The Fund’s membership roll of registered contributing members shall be divided

into the following nomination sectors for the purposes of nominations under these

regulations -

(a) Churches;

(b) Private businesses;

(c) Public enterprises and statutory boards.

9 Sector Consultations

Each nomination sector shall consult their members and make nominations from its

registered contributing members with relevant experience and qualification.

10 Consultations Process

Each nomination sector may determine its appropriate rule of procedure for selecting

its nominees.

11 Nominations

Nominations under these Regulations shall –

(a) have an equal number of employer(s) and employee(s); and

(b) be made up of a minimum number of two (2) and maximum number of four (4).

12 Notice of Nomination

The Chief Executive Officer shall notify each sector, not less than thirty (30) days

prior to the expiry of the term of office of the current Directors, to make their

respective nominations for the appointment of Directors.

13 Timing of nominations

All nominations shall be received by the Chief Executive Officer for the Fund for

submission to the Minister no later than (14) days prior to the expiry of the current

Directors’ term of office.

Regulation 14

National Retirement Benefits Fund (Appointment of

Directors) Regulations 2015





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14 Late nominations

Nominations which do not comply with the provisions of these regulations shall not

be valid.

15 Nominees

The Chief Executive Officer shall submit the names of nominees to the Minister

within seven (7) days of receipt.

16 Notice of Appointment

The Chief Executive Officer shall notify the appointed directors of appointment and

effective date.

17 Transitional

The Directors of the Board immediately before the coming into effect of these

Regulations shall continue to act as Interim Directors of the Board as if elected under

these Regulations but their term shall expire on 31 August 2015.





Made at Nuku’alofa this 9 day of April 2015.



Hon. Dr. ‘Aisake Valu Eke

Minister of Finance

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