Regulatory Alerts2004-06-09
Added
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
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