RegAlertRule · NAMFISA · 9 Jun 2004
Circular-PI-MA-3-2004 – Compensation BOT
The Registrar establishes maximum remuneration structures for Board of Trustees and Executive Committee members of Open Funds, setting caps at N$ 2,000 per session for Chairmen, N$ 1,800 for Deputy-Chairmen, and N$ 1,500 for other Trustee Members. Executive Committee members are subject to maximum honorariums of N$ 1,000 per session for the chairperson and N$ 750 per session for other members. Funds currently paying higher amounts must adjust their remuneration accordingly and submit implementation details to the Registrar. These structures become effective on August 1, 2004.
NAMFISA
NAMIBIA FINANCIAL
INSTITUTIONS SUPERVISORY AUTHORITY
- Safeguarding the Nation's Wealth! -
June 9, 2004
Enquiries: W.U. Kamburona
CIRCULAR LETTER: PI/M/A/3/2004
TO: CHAIRPERSON; BOARD OF TRUSTEES OF ALL OPEN FUNDS
RE: COMPENSATION TO BOARD OF TRUSTEES
Namibia Financial Institutions Supervisory Authority (NAMFISA) main objective is to safeguard appropriate degree of protection for Medical Aid Fund members by maintaining financial integrity in the Medical Aid Funds industry, and ensuring the soundness of Funds.
To achieve this objective, the Registrar deemed it proper to introduce the following maximum remuneration structures to be paid by Open Funds to its Board of Trustees, for the following categories:
| Categories | Maximum Remuneration |
|---|---|
| a) Chairman | N$ 2,000.00 per session |
| b) Deputy-Chairman | N$ 1,800.00 per session |
| c) Other Trustee Members | N$ 1,500.00 per session |
Kindly, note that the abovementioned is the maximum remuneration to be paid to Board of Trustees of Open Funds. Each individual Fund can decide to pay less then these amounts.
In addition to the above, the Registrar urged Funds with Executive Committee members to implement the following maximum honariums;
- N$ 1000.00 per session for the chairperson.
- N$ 750.00 per session for other executive committee members.
Funds currently paying higher than the compensation stipulated above must ensure that their remuneration is adjusted accordingly and should furnish a copy of information on how they will implement same, to the Registrar.
P.O. Box 21250 Windhoek NAMIBIA 154 Independence Avenue 8th Floor, Sanlam Centre Tel: (+264 61) 290 5000 Fax: (+264 61) 256303 E-Mail: info@namfisa.com.na
Funds should take note that this remuneration structures will be effective August 1, 2004.
We hope you will find the above in order. Should you have any queries, please call us.
Yours truly,
Marcelina Gaoses
Deputy Registrar (GM): Provident Institutions
FOR REGISTRAR: MEDICAL AID FUNDS
CC: FUND PRINCIPAL OFFICERS
NAMAF
Note from RegAlert. AI assistants can read this document in full, and search 70,000+ more, through the RegAlert MCP connector (https://mcp.regalert.today/mcp). Free with an account. How to connect ChatGPT, Claude or Cursor.
Similar documents from other regulators
SAMARemuneration for Chairs and Members of Boards of Directors of Local Banks, Insurance Companies and Reinsurance CompaniesSaudi Arabia · 2017-03-12
SBPAmendments in Corporate Governance Regulatory FrameworkPakistan · 2025-12-12
BSPCircular No. 1200: Guidelines on Compensation and Per Diem of Trustees, Officers and Employees of Non-Stock Savings and Loan AssociationsPhilippines · 2024-09-06
CBBSound Remuneration Practices for Licensed BanksBahrain · 2014-01-28
More like this from NAMFISA
We email you every new NAMFISA publication the day it's published.
Source: Namibia Financial Institutions Supervisory Authority — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works
In RegAlert: added · updated