PHILIPSBURG–The investment process of the General Pension Fund APS has been deemed “in order” by the General Audit Chamber.
“The Fund is familiar with all phases of the investment cycle and also follows the cycle,” the Chamber said in its report entitled “Auditing the investment process of the General Pension Fund” (Algemeen Pensioenfonds Sint Maarten – APS). The report, which addresses findings and conclusions resulting from the review of the pension fund’s investment process for 2017 up until June 2018, was submitted to Parliament on July 25.
The Chamber considers APS’ investment policy complex and therefore costly and advises APS to be more critical of its fiduciary manager’s performance.
“The fact that important documents across the entire process have been approved and updated is, in our opinion, a positive development,” said the Chamber. It recommends that in future, APS take a proactive approach in providing relevant documents in support of an audit. The cooperation with APS for the audit was positive.
APS collects pension premiums that the fund subsequently invests. Investing is necessary to ensure that APS can pay the promised future pensions. It is important that the process of investment and the management thereof are properly structured and carefully executed. It is appropriate to follow an investment cycle.
During its audit, the Chamber reviewed the process and management of APS’ investments. Due to the technical nature of the subject, the Chamber used an infographic to summarise the steps of the investment process.
The report is published in both English and Dutch and is available on www.arsxm.org.
Source: The Daily Herald https://www.thedailyherald.sx/islands/89557-audit-chamber-deems-aps-investment-process-in-order
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