Pension Agency to Select Investment Board Members

Georgian Pension Agency has announced an international competition for selecting the members of the investment board. As a result of the contest, the Agency will appoint 5 board members, who will be responsible for determining the investment policy of the Agency for the following 5 years.

The annual salary for the given position is set to amount to $60,000, which equals to GEL 160,000. All the travel costs of the employees will be covered by the government. The board members will have to travel to Georgia at least once per year. Their working hours will amount to 72 hours, which makes only 9 working days in total.

The chairman of the board will be elected with a majority of votes under the law on funded pensions. In addition, in order to be selected as the member of the investment board, the applicants must have the experience of at least 10 years of working in the field of finances, investments, economics, risks management or the related sectors.

The rights and duties board include the following aspect:

Development of an investment policy document and submitting it to the Pension Agency Director for approval;

Modification of investment policy document, including assets placement strategy due to the existing necessities;
Quarterly monitoring and evaluation of all the activities related to investing of pension assets;

Assessment of compliance of investment activities with the investment policy document.

Selection of specialized depositors and assets management companies.

There has already GEL 113 million mobilized in the Pension Fund so far. The given sum has been placed at the National Bank of Georgia (NBG) and commercial banks until stuffing the investment board.

By Ketevan Kvaratskheliya

Image source: bm.ge