Management and Administration
The extent of the delegation of responsibilities and the defined limits of authority for each sub-committee are clearly defined in the terms of reference documents issued and regularly reviewed by the Board of Trustees.
The operation of the funds has been contracted to MIFA, which is led by its Chief Executive Officer who reports to the MIFA Board of Directors.
The principal officer attends to all the legal requirements of the funds. All necessary actuarial valuations are obtained and reported to the funds concerned. The company also submits the required annual reports on all funds to the Financial Services Conduct Authority (FSCA) and complies with all the requirements of that body.
- The board consistently follows an investment strategy of risk diversification.
- Equity and fixed interest investments are accordingly contracted externally in line with the asset liability model approved by the board.
- The maximum permissible level of investments per asset class has been mandated in accordance with the risk diversification strategy.
- All funds are actuarially valued on a regular basis and have been certified to be financially sound.
- Continued attention is given to advancements in computer hardware and software technology, with MIFA achieving high levels of efficiency and cost effectiveness in the administration of the funds.
- MIRF complies with the highest standards of corporate governance as set out in the King Report.
- Statutory requirements are closely monitored in liaison with the fund’s actuaries and the FSCA, and the funds are all in full compliance with current legislative requirements.
- Moruba Actuaries and Consultants provide actuarial services. Auditing services are provided by Nexia SAB&T.