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{
    "id": 70099,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/70099/?format=api",
    "text_counter": 99,
    "type": "other",
    "speaker_name": "",
    "speaker_title": "",
    "speaker": null,
    "content": "rate of 6.24 percent, dropping from Kshs81.9 billion to Kshs76.8 billion. The current Managing Trustee, who is the sixth, is Mr. Alex Chachongo. He came in in May 2009 to date. So far, the Fund has recorded a growth rate of 37.11 percent; that is, Kshs76.8 billion to Kshs105.3 billion. (a) I am not aware of any decision to send the Managing Trustee on compulsory leave. However, the Managing Trustee was on annual leave during the month of November, 2010 with permission of the Board of Trustees and in line with his contract of service. (b) We have taken quite a number of measures to streamline the operations of the Fund. I will just read a few. One, we have put in place a competent board of trustees with strong representation from the Government, workers employers and private sector. Further, we have put in place a clear corporate governance structure implemented by the Board of Trustees through specialized sub committees of the Board. Two, we have embarked on a competitive and transparent recruitment of managing trustees. This exercise was concluded in May 2002. We have also carried out a job evaluation exercise following which five general managers have been appointed competitively. We are also rationalizing the recruitment of managers and other cadre of staff and that is going on. (iii) We have developed a strategic plan which clearly defines the objectives, key performance, benchmarks and growth rates of the Fund, with a solid investment policy which guides its investment decisions. We are currently finalizing the engagement of professional fund managers in line with the Retirement Benefits Authority Act. (iv)We have had consistent engagement of key stakeholders in the fight against corruption. The Fund’s public image has dramatically improved in the last couple of years as there have been no new corruption cases reported during this period. Mr. Deputy Speaker, Sir, due to the above measures, the National Social Security Fund (NSSF) has made significant achievements in the past two years. For the first time ever, the NSSF was removed from the list of most corrupt institutions by the Transparency International this year. The NSSF was this year awarded the coveted international social security association award for good practice in governance and leadership in the area of performance contracting in social security administration during the World Social Security Forum held in Cape Town, South Africa between 29th November, 2101 to 4th December, 2010. This put the NSSF ahead of all other social security organizations across the globe."
}