Social Security Investment Committee

(1) There shall be established a committee to be called the Social Security Investment Committee (hereinafter called the “Investment Committee” or “the Committee”) which shall be appointed by the Minister from among persons of proven knowledge and experience in the investment of moneys and shall consist of the following, (a) two by the (b) one person to be nominated by the National Trade Union Congress of (c) one person to be nominated by the employers’ organizations; or (d) the Chief Executive Officer, who shall be an ex-officio member without a right of vote. (2) No person who is a member of the Board shall be appointed or remain a member of the Committee. (3) The Minister shall appoint one of the members to be the Chairperson, and the Committee shall appoint one of the other members to be the Deputy Chairperson of the Committee. (4) The period of appointment of members of the Committee shall be three years, but a retiring member shall be eligible for reappointment. (5) The Minister may terminate the appointment of a member of the Committee for misbehaviour or physical or mental incapacity after consulting the organisation which had nominated such member. (6) A member of the Committee shall be deemed to have vacated his office47 (a) if his appointment is terminated by the Minister under this Act; CAP. 244. (b) if he becomes bankrupt or compounds with his creditors or makes any assignment of his remuneration for their benefit or takes advantage of any provision of the Bankruptcy Act; (c) if he becomes of unsound mind; (d) if he resigns his office by writing under his hand addressed to the Minister and the resignation is accepted by the Minister; (e) if he absents himself, except with leave granted by the Chairperson for good and sufficient cause, from three consecutive meetings of the Committee; and (f) if the organisation that had nominated him requests in writing addressed to the Minister the termination of his appointment. (7) At any meeting of the Committee, at least three members, including the Chairperson or the person acting as the Chairperson, shall constitute the quorum. (8) All decisions of the Committee shall require a majority of the members present and the Chairperson shall have a casting vote. (9) The Committee shall make recommendations to the Board on the investment of moneys in the Fund. (10) In discharging its functions, the Committee shall follow the Investment Framework set out in Schedule III subject to the provisions of this section. 48 (11) If any member of the Committee or other person present at a meeting of the Committee has a financial or other interest, directly or indirectly, in any contract or proposed contract or other matter to be considered by the Committee, he shall forthwith disclose the fact of his interest to the Committee and he shall not participate in the discussion, consideration or voting on such a contract or other matter, and the fact of such disclosure shall be recorded in the minutes of the said meeting. (12) Every member of the Committee or other person present at a meeting of the Committee who knowingly contravenes the requirements of sub-section (11), for private gain commits an offence and is liable on summary conviction or on indictment, at the discretion of the Director of Public Prosecutions, to a fine which shall not be less than ten thousand dollars but which may extend to twenty thousand dollars, or to imprisonment for a term which shall not be less than two years but which may extend to five years, or to both such fine and term of imprisonment. (13) The Committee may co-opt one or more persons to attend any particular meeting of the Committee for the purpose of advising or assisting the Committee, but no such person shall have any right to vote. (14) The Board shall appoint a fit and proper person to act as Secretary to the Investment Committee. (15) Members of the Committee may be paid such fees and allowances for their services as the Board may consider reasonable. (16) Subject to the provisions and Schedule III, the Committee may regulate its own proceedings and shall meet at such times and places as the Chairperson may appoint. (17) Subject to the provisions of this Act, in the exercise of its functions the Committee shall not be under the direction or control of any other person or authority. 49