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
