Governance

The Cook Islands National Superannuation Fund (the Fund) follows the governance structure set out in the Cook Islands National Superannuation Act 2000.

The Fund was established by the CINS Act 2000, and comes under the responsibility of the Minister for Superannuation, presently the Hon. Mark Brown. The CINS Act 2000 and the 2017 CINS Amendment Act sets out the appointment and responsibilities of the Funds Board of Directors, the development of a Trust Deed and appointment of a Trustee, the appointment and delegation of responsibilities to a CEO, and the benefits available to members.

The Fund follows and abides by the Laws of the Cook Islands, is audited internally by the Financial Intelligence Unit for compliance requirements, and in 2016 the Financial Supervisor Commission will add the Fund to its oversight.

Internationally the Fund operates within the laws of those countries where it choses to invest.

The financial statements of the Fund are audited by an Auditor registered under the Auditor Regulation Act 2011 (New Zealand Legislation).

Delegations

The responsibilities of the Board, Trustee, and Management are detailed below. Whilst many of the responsibilities are set out in the CINS Act 2000 and the 2017 CINS Amendment Act some of the responsibilities below change from time to time within the delegated discretion of the Board of Directors.

Who What
Board
  1. Administers the Act
  2. Develops and maintains the Trust Deed in consultation with the Trustee
  3. Appoints or removes non-statutory Board Members
  4. Appoints or removes the Trustee
  5. Appoints or removes the CEO
  6. Delegates functions to the CEO
  7. Approves the Investment Strategies in consultation with Management and the Trustee
  8. Reports to and advises the Minister
Management
  1. Carries out delegated functions from the Board
  2. Operational finances
  3. Appointment or removal of staff
  4. Develops the Investment Strategies in consultation with the Trustee
  5. Identifies Cook Islands Investment Opportunities
  6. Monitors and reports on the performance of Investment Strategies
  7. Monitors and reports on the performance of the Trustee
  8. Enforcement of the CINS Act 2000.
  9. Provides advice to the Board
  10. Communications to Members
Trustee
  1. Administers the Trust Deed
  2. Protection of Members Interests
  3. Develops the Investment Strategies in consultation with Management
  4. Approves the Investment Strategies in consultation with the Board.
  5. Appoints the Fund’s Administrator in consultation with Management.
  6. Appoints new investment managers (where there is an Investment Management Agreement) in consultation with Management.
  7. Appoints the Funds Auditor in consultation with Management.
  8. Prepares the Annual Report
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