Page 59 - Bulletin, Vol.80 No.1, May 2021

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Report of the United Nations Joint Staff Pension Board on
the work of its sixty-sixth session

5. Stresses the importance of continuing to achieve the necessary 3.5 per
cent annual real rate of return on a long-term basis for the future solvency
of the Pension Fund;

6. Reiterates the importance of the implementation of all the
recommendations of the Board of Auditors by the secretariat of the Pension
Fund, the Pension Board and the Representative of the Secretary-General
in full and in a timely manner, and of reporting thereon in the next report to
the General Assembly;

7. Recalls paragraph 13 of its resolution 73/274, and decides that the head
of the pension administration shall have the title of Chief Executive of
Pension Administration and to amend the relevant articles in the regulations
of the Pension Fund accordingly;

8. Requests the Chief Executive of Pension Administration, drawing on the
expertise of the Procurement Division of the Secretariat, to engage
promptly, through a transparent and competitive procurement process, an
independent external entity with expertise in pension fund governance
matters to conduct a comprehensive and objective analysis, giving due
regard to best practice standards of pension funds, with recommendations
on:

(a) Size, composition, and frequency of meetings;

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(b) Allocation of seats;

(c) Implementation of a review and rotation scheme for the adjustment of
the composition of the Pension Board on a regular basis, to allow
eligible member organizations to share rotating seats in a fair and
equitable manner;

(d) Terms of reference for the Chair and all members of the Pension
Board,
including the issue of conflict of interest;

(e) Self-evaluation methodology and any appropriate restrictions or
limitations of the Pension Board and its Standing Committee;

9. Requests the Pension Board to submit the report of the external entity,
along with the comments of the Board, in the context of the next report
of the Pension Board;

AAFI-AFICS BULLETIN, Vol. 80 No. 1, 2021-05 57