Economy
A split, conundrum results in the appointment of a new NSSF chief
Monday, May 29, 2023
National Social Security Fund Building. file image | NMG
Details of the hugely different grades and outstanding interviews have lifted the lid on the major division among NSSF board members that preceded the appointment of the new managing trustee in the hiring insiders’ demand for outside intervention.
The Board has settled on David Corus – who will take charge of a more financially empowered fund – after emerging as the best fund in interviews on Wednesday last week and will now take charge of the pension entity which has an investment portfolio of over £284 shillings. 98 billion.
Principal Labor Minister Geoffrey Kaitoko said Mr Kouros – the outgoing Local Authorities Provident Fund (LAPFund) manager – is expected to report to his new workstation by June 1, this Thursday.
“He has received his letter of appointment and is expected to report before or on June 1,” PS said.
the The daily business It was learned that a major split saw interviews initially scheduled for last week get canceled due to a lack of a quorum before the date.
The sources indicate that the council was divided over the alleged external interference. Candidates say they showed up for interviews but rehearsals can’t go ahead after two board members failed to show up.
The government has begun implementing the National Social Security Act 2013, which is expected to unlock an additional Sh18 billion in the 2023/24 financial year after contributions are boosted.
The NSSF is also one of the best liquidity rich institutions that usually have a surplus of funds in the billions of shillings that the government is eyeing.
As of June 2021, the Central Bank of Kenya had loose cash at Sh36.9 billion, the NSSF came in second with Sh35 billion, the Kenya Pipeline Corporation had Sh7.6 billion while the Telecommunications Authority of Kenya was sitting at Sh3.36 billion.
A board member explained that two representatives from the Federation of Kenya Employers (FKE) were absent at the initial appointment for interviews due to illness and delays in the publication of the Official Gazette.
is reading: The NSSF Board of Directors selects Cross as the next managing trustee
“It is true that interviews were first scheduled last week but we did not have a quorum to proceed. FKE representatives were absent. One FKE representative had not been gazetted at the time of the interview while the other was doing well during this period,” the source said. .
Previously, the board was forced to re-advertise the position. Insiders claimed that this was done to allow some individuals to come forward.
The board member said it was reinstated because the first was unresponsive despite attracting 100 applicants.
But even when the board met on Wednesday for interviews, it was clear that the division on the best candidate for the job was determined by the grades each of the team members had.
Three of the team members gave Mr. Koros low marks, compared to the high marks he received from the other six members of the board.
In the results sheet he sees The daily businessMr. Kouros has an average score of 71.10%. However, one participant gave it 26 percent, the lowest of the nine candidates interviewed. Two other speakers gave it 30 percent and 58 percent.
The score sheet shows that Mr. Koros received an average score of 71.10%. file image | Swimming pool
The remaining six board members gave it 95, 93, 89, 88, 88 and 73.
Another candidate, Eddie Mallet, came in second, scoring an average of 70.60.
The two lecturers, who scored Mr. Koros at 26 and 30, awarded Mr. Malit 90 and 89 percent, respectively, showing the conflict of interest and division in the team.
Others interviewed were Jonah Ayabe who scored 69.44, Musa Ndima Chisito (68.90), Nicodemus Odongo (65.11), Tom Odongo (64.68), Richard Nyakunde Lowry (64.30), Rokwaru Mating (60.0), Dennis Osea (53.70).
Mold. s. Kaitoko It’s normal for team members in such a setting to score differently for candidates.
“You see, there can only be one CEO at a time and there will always be some competing interests. So it’s normal but it’s always good to give people legit labels,” said Mr. Kaitoku.
Mr. Kouros will take over from David Mwangangi, who has held the acting role since last November following the exit of Anthony Omerekwa.
is reading: NSSF will start hiring a new chair within a week
Mr. Omerikwa initially served in the position for four years before it was confirmed in 2019 and served a full three-year term.
The Board of Directors of the National Social Security Fund consists of the President appointed by the Cabinet Secretary for Labour, the Principal Secretary for Labour, two persons nominated by the Central Organization of Trade Unions, two representatives nominated by the FKE and three persons appointed by the Cabinet Secretary.
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