Pension Board reopens membership applications again after two failed attempts to attract good candidates

Maldives Pension Administration Office (MPAO) posted a third announcement on Monday, seeking to fill a vacancy on its board, after the two previous announcements failed to spark a satisfactory response.

The Pension Board has four members who represent the private sector. One of these seats has been empty since October 22, with the resignation of Ahmed Saruvash Adam.

The MPAO posted a vacancy announcement for the third time on Monday, seeking to fill the position. It follows announcements made on February 10 and February 25.

According to the MPAO, the two previous attempts failed to attract enough applications to create a shortlist of candidates.

As per the law, the selection committee must select a shortlist of three candidates, who will be vetted by the Capital Market Development Authority (CMDA), before the final appointment is made by the President.

Interested candidates have been asked to submit their applications to the MPAO headquarters in Male’ or email it to [email protected] by 02:00 pm on March 29.

Saruvash, who previously also served as Chief Financial Budget Executive at the Finance Ministry, resigned from the Pension Board in October in protest of a proposal from the Finance Ministry to sell in the secondary market MVR 2.4 billion in treasury bonds invested in by the Maldives Retirement Pension Scheme and then invest in an MVR 2.4 billion treasury bond with dual currency – MVR and USD – returns.

The proposal prompted economic experts, including Saruvash, to warn it would have the same implications on the Maldivian economy as money printing.

Saruvash had been the first to resign in protest of the transaction, followed by CFO Hawwa Fajwa, chairperson Dr. Ahmed Inaz, and CEO Sujatha Haleem.

But despite the warnings, the MPAO’s board approved the proposal in February.