PHILIPSBURG:--- July 25nd, 2019. The General Audit Chamber submitted its report entitled “Auditing the investment process of the General Pension Fund” (Algemeen Pensioenfonds Sint Maarten - APS) to Parliament on July 25nd, 2019. The report addresses findings and conclusions resulting from the review of the pension fund's investment process for the period of 2017 up until June 2018.
APS collects pension premiums that the fund subsequently invests. Investing is necessary to ensure that APS can pay the promised future pensions. It is important that the process of investment and the management thereof are properly structured and carefully executed. It is appropriate to follow an investment cycle. During their audit, the General Audit Chamber reviewed the process and management of APS’s investments. Because of the technical nature of the subject, the General Audit Chamber used an infographic to summarize the steps of the investment process.
In general, APS’ investment process is in order. The Fund is familiar with all phases of the investment cycle and also follows that cycle. The General Audit Chamber considers APS’ investment policy complex and therefore costly. The General Audit Chamber advises APS to be more critical of the performance of its fiduciary manager.
The cooperation with APS for the audit was positive. During the audit, important documents pertaining to the investment process were updated by APS. The General Audit Chamber recommends that in future, APS takes a proactive approach in providing relevant documents in support of an audit.
The report is published in both English and Dutch and is available on the website of the General Audit Chamber (www.arsxm.org).
