Namibia. Pension funds trustees challenged to enhance skills
Finance minister Calle Schlettwein on Friday said he understands that the skills and knowledge levels of trustees of retirement funds are inadequate. He said this in a statement read on his behalf by his executive assistant, Esau Mbako, at the launch of a book titled: “The manual on Namibian retirement funds and social security” by Manfred Zamuee.
Schlettwein said the shortage of skills and knowledge of trustees of retirement funds needs intervention to empower them to understand their duties and responsibilities. “More than just the attendance of intermittent trustee training programmes, there must be a system of evaluation or standardisation to ensure that adequate knowledge is achieved,” he stated.
Schlettwein said the Namibia Financial Institutions Supervisory Authority (Namfisa) can play a leading role. But initiatives like the launched book could also go a long way to assist in achieving basic financial, legal and investment literacy for trustees to carry out their fiduciary and statutory duties.
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