The Committee discussed the legal package on the Funded Pension. As the Deputy Economic Minister, Irakli Nadareishvili elucidated, the amendments improve the administrative and oversight framework of the sphere.

“First of all, the amendments concern the administrative structure. Today, the Agency is being administered by two unequal units – the Investment Board and Supervisory Board. The Supervisory Board consists of the Ministers, and the Investment Board consists of the professionals selected through the competition. This model fails to meet the challenges and tasks of the Pension Fund in terms of the diversification of its investment instruments, and hence, we offer to unify these two units into one Administrative Board composed of professionals to ensure uniform management of the funded pension scheme and exercise the investment, administrative, transactional and other functions”, - he stated.

As he added, the minimal number of members shall be 9, and maximal – 15, which is subject to the determination by the Government under a respective normative act. It will exclude the participation of the Ministers and political figures.

The Draft stipulates the rules for the selection of the Board members and retitles the Agency into the Pension Fund.

According to the reporter, the new title complies with international practice and more precisely reflects the scope of the regulation of the institution, as well as the legal basics for its activity. The Committee approved the Draft.