Pension Agency of Georgia has announced an international competition for selecting 5 members of the investment board. The selected members will determine the agency investment policy for 5 years.
According to the competition terms, the annual salary of the board members will be about 60 000 USD and the Government will cover full travel costs. Converted to GEL, this amount equals to 160 000 GEL.
According to application, the board members must visit Georgia at least once a year and total working hours a year makes up 72 hours, that is only 9 workdays.
Under the law on contributory superannuation system, the investment board members will elect the board chairman with a majority of votes.
Under the law, members of the investment board must have at least 10-year experience of working in finance sector, investments, economics, risks management or relevant directions.
Rights and duties of the board are as follows:
Development of an investment policy document and submitting it to the Pension Agency director for approval;
Revision and amendment of investment policy document, including assets placement strategy due to the existing necessities;
Quarterly Monitoring and appraisal of all activities related to investing of pension assets;
Assessment of compliance of investment activities with the investment policy document. In case of noncompliance, the board requests the senior investment officer to submit an action plan for harmonizing the investment portfolio with the investment policy document in reasonable timeframes.
Selection of specialized depositors and assets management companies;
At this stage, the Pension Fund has already mobilized 113 million GEL and this sum has been placed at the National Bank of Georgia (NBG) and commercial banks until stuffing the investment board.
The Pensions Agency registers 653 000 individual accounts.