Election of NRBF directors set for April 26

I think it would be absurd to dispute the importance of job creation is for our economy, bills like this only increase costs of businesses, which put more pressure on cutting costs such as jobs and discourages businesses from hiring as employees wages are now 5% higher. With wages now set higher than what market forces would naturally set, it increases unemployment.
And, as an employee and im sure others out there may have the same view, have no plans or cannot afford to give up 5% of their income to the NRBF, or perhaps even thinking about retirement. There are other ways to put money aside for one's own retirement, at least let the individual choose whether they want to be part of the scheme or not...
Anyways, I would like to wish the NRBF elections well and hope the voters choose someone they can both trust and who have the training and experience for the huge responsibility the board is entrusted with.

Nominations for the Board are closed already.
It is with deep regret that I see no Tongan woman has accepted nomination for the Board elections either as an Employer or Employee representative.
In a country where stats show 65% of businesses are owned and operated by women, what a sad reflection on our gender, or maybe it is because there was insufficient advertising of closing date for nominations.
An advert or two in print or on the radio is not enough to give a busy woman the time to be aware of the need to get the nomination form completed.
I also see a lack of Outer Islands representation, yet the whole of Tonga is involved in this new scheme.
I agree with the comments posted that if we cannot be on the board, then for this election we need to cast our votes in someone we can trust, who has the training and experience for this Board position(s).
We have 3 years to get our Board candidates trained, and competent to handle the demands of the Board. Outer islands and Women's groups get organised, maybe TBEC can look at training avenues for upcoming future Board members on all the SOE's.

Integrity of NRBS Board members:

With respect to the above article, it is perhaps worth noting that Section 6 (2) (a) of the National Retirement Benefit Schemes Act provides, with respect to the requirements for appointment as a Director of the Fund that:

“No person shall be appointed or remain a Director- (a) who is an undischarged bankrupt”.

Clearly, the quite proper intention of the legislature was to provide protection to the employer and employee members of the fund with regard to the financial ability, integrity and acumen of the Board members who will be the guardians of their money.

Unfortunately however, the legislature’s intention is self-defeating by virtue of the simple fact that Tonga has no bankruptcy laws, and as such it is not possible for a person to be an undischarged bankrupt.

In these circumstances it would perhaps not be inappropriate for the Minister of Finance, as the responsible Minister under the Act, to request some public disclosure from the nominees. In this regard pertinent information might well be:

1). Has the nominee, in the past five years, been a Director of any company which has been placed into receivership or liquidation?

2). Has the nominee any unpaid judgement debts?

3). Is the nominee presently a party, as a defendant, to any legal proceedings for recovery of debts? If so, what is the amount of the debts for which is recovery is being sought?

Regrettably, the National Retirement Benefit Schemes Act and Regulations do not appear to give the Minister the power to compel the nominees to provide such information, but should a nominee refuse to provide that information upon the Minister’s request, then at least the electorate could form their own opinions based upon that refusal.

Given that the protection intended to be afforded by Section 6 (2) (a) fails, this would at least give the electorate of employers and employees an opportunity to properly vet the nominees before casting what will be a very important vote with regard to the trusteeship of their hard earned money.

Ralph Stephenson.