No replacements have been made to fill two vacant directorship positions on Tonga's National Retirement Benefits Fund Board. The board operating with five directors will have their first meeting for the New Year in February.

Ikapote Tavalea, the Acting CEO of NRBF, said today the decision for ceasing the directorship of William Edwards and Steven 'Esau remained with the Minister of Finance, Hon. Lisiate 'Akolo.

"The Minister has not finalized his decision on this matter and therefore there has been no replacement yet."

He said the current Directors are Rev. Tevita Havea as chairman and Employees Representative; Lata Tangimana, Employees Representative; Simione Sefanaia and Peseti Ma'afu as Employers Representatives; with 'Aisea Taumoepeau the Minister's appointee to the board.

The operation of the fund was running well, he said, and the NRBF ws currently operating two schemes, the Retirement Benefits Scheme for the working people of Tonga and a Social Welfare Scheme for the elderly people aged 75-years and older.

" The board of the fund is still operating untiringly with its fiduciary role together with its management in managing members fund to make sure it is secure and provide members with reliable information on a timely basis."

The next board meeting is expected to be held in February.

There are currently over 5,000 registered members with the NRBF from private businesses, boards, banks, churches and Non-Profit Organisations, said Ikapote.

Cease

William Edwards Jr. a former Employers' Representative and Graham Steven 'Esau a former Employees Representative of the Tonga Power Ltd. were advised to cease their directorship on 21 August 2012. This was after Tonga Power Ltd its employer had submitted an application for exemption from contributions to the fund on May 25, 2012, which was granted by the board on August 3.

The NRBF believed this made them ineligible to sit on the board according to the National Retirement Benefits Scheme (Election) 5(1) and (2) 2012, that the term of office is three years shall terminate earlier if a representative ceased to be a registered employer of the fund. But the interpretation was challenged.

The first board meeting was held in May, 2012.