Committee to advise president on appointments to Pension Board

The Maldives Pension Administration Office (MPAO) has introduced new regulations outlining the process for appointing members to its board, stating a five-member Nomination Committee, chaired by the Board Chairperson, will be responsible for recommending candidates to the president.

According to the regulation published in the Government Gazette on Monday, a five-member Nomination Committee must be constituted to assess applicants seeking board appointments. The committee is tasked with determining whether candidates satisfy the required eligibility criteria and advising the President on suitable nominees.

The regulation state that the committee will comprise the Pension Office’s chairperson, a senior representative from the securities market regulator, and senior civil servants from Finance Ministry, Home Ministry and Economic Ministry. The representatives from these ministries hold a rank of director or above.

Among the Committee’s key responsibilities are assessing applicants’ qualifications and competencies, establishing evaluation criteria, conducting interviews, and submitting formal recommendations to the President regarding prospective board members. The Pension Office will be responsible for facilitating and coordinating Committee meetings as necessary.

Committee members will be provided a remuneration of MVR 1,500 per meeting attended.

The introduction of the new regulations follows the appointment of a chairperson for the Pension Board on May 23, ending a vacancy that, along with several other senior positions, had remained unfilled for more than three months. Abdul Majeed Ali, who previously served as a board member for an extended period, was appointed to the role.

The vacancies on the Pension Board arose after the resignation of several senior officials. These departures were reportedly linked to disagreements surrounding the government’s proposed issuance of a MVR 2.4 billion bond through the Pension Office, which is responsible for managing and investing the country’s retirement funds.

Among those who resigned in February were Dr. Ahmed Inaz, who served as Chairperson, Chief Executive Officer Sujatha Haleem, Chief Financial Officer Hawwa Fajwa, and Saruvash Adam, a private-sector representative with financial expertise. Although the Pension Office subsequently announced efforts to recruit replacements for the vacant positions, public interest in the roles has remained limited.