The Cook Islands National Superannuation Act 2000 requires the Fund to report to members annually.
The Annual Report is produced once a year. This report summarises the annual performance of the Fund, its financial accounts, statistics, and a summary of events and any changes to the Fund.
Whilst the Act only requires the Fund to produce an Annual Report, the Fund has adopted an open and transparent reporting policy through its communications plan to provide as much information to members as possible.
Transparency & Reporting
The Fund provides the following information and disclosures to members:
- Performance Returns – this report outlines the unaudited monthly returns for each of the investment funds, periodic returns, and the balances of the investment funds.
- Fund Updates – The Fund to provide any updates or commentary on any material changes or announcements during the month.
- Administration Report – this sets out the operational activities of the Fund including operational statistics, cash and member movements, and interim declared interest rates.
- Annual Report to Members of the full year’s results and audited financial accounts.
- Members Meeting to provide a public forum for members to meet with the CEO, Board, Trustees, and service providers, to obtain information on the Funds performance and strategies for the future.
In addition to the above reporting to members, the CINSF management team provide a number of internal reports to the Board of Directors and Trustees on a monthly basis in line with the regular Board meetings.
- Strategic – This report covers the setting of and progress on the Funds strategies, business plans, projects, and communications to stakeholders.
- Operational Finances – this report outlines the monthly operational expenses against budgets.
- ICT – The report covers the issues relating to the Fund’s ICT equipment, software, and security.
- Contributions – this report informs the board about the monthly contributions from employers, errors, repaired employer files. The report also covers employers that have not yet registered to the Fund.
- Recoveries – this report details the balances of any outstanding payments owed to members by their employer.
|Risk & Compliance
- Policies & Procedures – these are submitted to the Board from time to time and include new policies and procedures along with amendments.
- Compliance – this report outlines the internal auditing results and audits completed by external units such as the Financial Intelligence Unit (FIU).