On April 4th at the MPS National meeting, we introduced the MPS Action Plan. A central part of MPS’ Action Plan is to implement Board reform and these are the changes we would like to make:
MPS Plan For Board Reform
Replace five of the eight union trustees, require that the new trustees all have financial literacy
Bring investment expert onto the Board; require that all members of Investment Committee have financial literacy
Bring an actuarial expert onto the Board
Disclose on the AFM-EPF website the qualifications of each trustee; what skill they bring to the table
This simply means replacing many of the current trustees to make way for experienced financial, actuarial and investment experts to form a new team of consummate professionals that will work toward a sound future for our pension fund. Since we introduced this idea of Board reform we have gotten a lot of questions. The following is the answer to those questions and the case for new trustees.