Pension Office Board Membership Increased
8 ސެޕްޓެމްބަރު 2026 | އަންގާރަ 08:59The Pension Office has amended its governance code to expand its board to nine members, restructuring the composition to include representation from three government ministries. This change follows recent controversy surrounding the Pension Fund's bond purchases, which led to the resignation of several senior officials. Under the new framework, the management of administrative operations and policy implementation has been formally delegated to the executive team under the supervision of the CEO.
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The number of board members at the Pension Office has been increased from eight to nine.
This change was implemented following an amendment to the office's governance code.
The revised corporate governance code was officially gazetted on Monday. Under the newly published code, the number of board members for the office has been increased from eight to nine.
Following these changes, the board will now be composed of a chairperson, five members representing the private sector, and three senior civil service officials representing the Ministry of Labour, the Ministry of Finance, and the ministry responsible for social security.
The new governance code also stipulates that the day-to-day operations of the office and the implementation of policies will henceforth be carried out by the management, under the guidance and supervision of the CEO.
The change to the number of board members follows the resignation of several senior officials from the office, in the wake of a transaction involving the purchase of 2.4 billion Rufiyaa in bonds from the Pension Fund.
This change comes at a time when numerous financial sector professionals are expressing grave concerns over the government's efforts to proceed with currency printing. Many are urging the government to deliberate carefully on this matter and seek expert counsel to revitalize the country's struggling economy.
