Zimbabwe. IPEC drafts law to deal with pension funds trustees
The Insurance and Pension Commission has completed draft regulations that empower it to deal with errant trustees of pension funds, an official said.
Commissioner Tendai Karonga said IPEC had observed several poor cooperate governance practices, prompting the commission to come up with tight controls.
The draft regulations have already been submitted to the Ministry of Finance for approval. “We are in the process of developing new procedures to control the unacceptable behaviour by some of the trustees,” said Mr Karonga
“Basically it will be a legal approach. We have drafted the regulatory procedures that we want the trustees to follow. We are just waiting for the approval from the ministry.”
Full Content: The Herald
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