Board

of the Fund

The Pension Fund Board is established to provide management and control over the current activities of the fund. The Board is formed of at least 5 persons who meet the eligibility requirements of the National Commission that Carries out State Regulation in the Field of Financial Services Markets, have been trained and certified and have an impeccable business reputation. The founder of the pension fund determines the candidates for membership of the fund's Board. Members of the fund's Board are elected for 3 years with the right of re-election for the next term. Meetings of the Fund's Board are convened by the Chairman of the Fund's Board at least once a quarter.

The Fund Board has powers:

  • to elect the Chairperson and Secretary of the fund's Board from among members of the fund's Board;
  • to prepare the report on the fund's activities to the fund's founder;
  • to approve changes to the fund's charter and pension schemes of the fund and their registration in the National Commission that Carries out State Regulation in the Field of Financial Services Markets;
  • to develop and approve the investment declaration of the fund and changes to it;
  • to conclude contracts on behalf of the fund with an administrator, asset management company or other person who has the right to manage the fund's assets, custodian, auditor of the fund;
  • to hear reports on activities of the fund's administrator, persons managing assets of the fund, the fund's custodian and take decisions on these reports;
  • to approve information on the financial condition of the fund that is subject to disclosure and to consider the auditor's report;
  • to control the target use of the fund's assets;
  • to review controversial issues that arise between the fund and its members and/or contributors;
  • to settle other issues attributed to exclusive competence of the fund's Board in accordance with the current legislation and Charter of the fund.

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