One of the principal functions of the National Pensions Reserve Fund Commission is to determine and implement an investment strategy for the fund. The commission is independent of Government in the exercise of this and its other functions. My main aim in making appointments to the National Pensions Reserve Fund Commission was to select persons of the necessary stature and calibre to manage the fund and who would be seen to be independent of Government in the performance of their functions.
The National Pensions Reserve Fund Act, 2000, requires that as far as practicable, the Minister for Finance shall ensure an equitable balance between men and women in the composition of the commission. However, in appointing the commission I also had to have regard to the provisions of the Act, which require commissioners to have acquired substantial expertise and experience at a senior level in areas such as accountancy, finance or economics, law or any of the other areas set out in section 7(4) of the Act. In choosing the commissioners I have tried to take account of both these objectives.
As I have already mentioned, section 7(4) of the Act sets out areas from which commissioners may be chosen. Trade union representation is one of these areas. The purpose of the subsection is to ensure that only persons who have certain expertise and experience may be appointed to the fund. However, the commission is an expert rather than a representative body.
