Organisation

Responsibility for the administration of the State Pension Fund (VER) rests with the Board of Directors and the Managing Director. The Managing Director is assisted by a five-strong Management Team. The Board of Directors is appointed by the Ministry of Finance for a three-year term. The Board of Directors appoints an Investment Consultative Committee that serves as an independent external body of experts.

VER’s auditors are appointed annually by the Ministry of Finance.

The Fund has a staff of 24, all holding permanent positions as government officials.

 

Administration structure

Board of Directors

Overall responsibility for the Fund rests with the Board of Directors. It determines the Fund’s investment policies and adopts the investment plan. The Board of Directors oversees compliance with the investment policy and limits and monitors the implementation of the investment plan. The Board includes the Chair and six members, three of whom represent employer and wage-earner organisations.

The Board of Directors is appointed by the Ministry of Finance. The current Board of Directors took office on 1 March 2015. In 2014, the Board convened ten times.
 

Investment Consultative Committee

The Board of Directors appoints an Investment Consultative Committee for the Fund to assess its investment plan and its implementation. The Committee reports to the Board of Directors. As members, the Committee has seven investment and financial experts external to the Fund. The Investment Consultative Committee convenes twice a year.
 

Management Team

The Management Team assists the Managing Director in managing and administering the State Pension Fund. As well as the Managing Director, the Management Team includes four Investment Directors and the General Counsel. The Management Team convenes on a regular basis.