AUDIT, RISK & COMPLIANCE COMMITTEE
The Saturnia Regna Pension Fund Audit, Risk & Compliance Committee was established with the objective of managing and monitoring the internal controls of the Fund. It is the responsibility of the Committee, amongst other things, to:
- Recommend to the Board the re-appointment and remuneration of the Fund Auditor on an annual basis
- Devise, implement and regularly review the Fund’s audit policy and recommend to the Board any changes considered necessary
- Agree all internal and external audit plans and, the associated fees in advance of the work being undertaken
- Evaluate the effectiveness of all audits
- Arrange for an annual review by the Board of the Fund’s risk register allocating responsibility for mitigating specific risks and overseeing the implementation of any remedial action agreed as part of the annual review by the Board
- Ensure that financial risks are identified and adequately controlled to best practice levels and in line with the Pensions and Insurance Authority corporate governance guidelines
- Monitor the effectiveness of the Fund’s risk management programme and initiates any remedial action considered necessary
- In partnership with other committees, identify new risks and/or changes in the rating of existing risks for recommendation to the Board.
The Committee meets four times a year and at such other times as the Chair of the Committee decides is necessary.
INVESTMENT COMMITTEE
The Saturnia Regna Pension Fund Investment Committee was established with delegated authority to implement and keep under review the Board’s strategic asset location and investment management arrangements. It is the intention that the Committee will have reasonable freedom of action to implement investment strategies that are expected to deliver the funding objective agreed by the Board, subject to explicit risk parameters.
The deliberations of the Committee do not reduce the individual and collective responsibilities of the Board Members in regard to their fiduciary duties and responsibilities, and exercise due care and judgement in accordance with their legal obligations. The role of the Committee is to recommend for approval of the Board the formulation of the Investment Policy and monitor and evaluate the implementation of the policy to ensure the objectives of the Fund are being met.
Additionally, the Committee ensures appropriateness of the Strategic Asset Allocation for the portfolios and ensures compliance of various investment options with Statutory Instrument 50 and the Pension Scheme Regulation Act, 1996 as amended. The Committee evaluates the risks of the controls in place to mitigate the risks that it is responsible for and submits reports to the Board on a quarterly basis. The Committee meets four times a year and at such other times as the Chair of the Committee decides is necessary.
NOMINATIONS COMMITTEE
The Saturnia Regna Pension Fund Nominations Committee was established with the objectives of managing the process of Board’s composition and evaluating the competencies required for prospective sub-committees of the Board and providing advice on filling up of casual vacancies. The Committee undertakes formal evaluation of the performance of individual Trustees, the Board as a whole and the operation of Board Committees, including that of contracted service providers. The Committee is not a policy-making body but assists the Board by implementing Board policy and recommending nominations and engagements of external service providers which require Board approval. The Committee meets four times a year and at such other times as the Chair of the Committee decides is necessary.
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