Home » Board of Directors

Saeko Shoniber
  • MISSA Board Chairperson ( 2012 - 2013)
  • Secretary of Finance ( 2000- 2005)
  • Board Member, Bank of Marshall Islands
  • CFO, Majuro Water & Sewer Company

Carlos F. Domnick
  • MISSA Board Vice Chairman (2012 - 2013)
  • General Manager, Anil Development, INC

David Paul
  • MISSA Board Member (2006 - 2013)
  • General Manager, Majuro Energy Company
  • General Manager, Majuro Water & Sewer Company

Brenda A. Maddison
  • MISSA Board Member ( 2012 -2013)
  • General Manager, Marshall Islands Visitor Authority (Present)

Kaeyo Y. Kotton
Member
  • MISSA Board Member (2012)
  • Asst. Secretary, Ministry of Finance ( Present)

Ramona Levy Strauss
Member
  • MISSA Board Member
  • Owner, Momotaro Corporation (Present)

Alfred Capelle
Member
  • MISSA Board Member (2012)

As provided for by the Social Security Act of 1990 (the Act), the MISSA Board shall consist of a Chairman and six other members appointed by the cabinet from among persons who are not members of the Nitijela. The composition of the Board shall be as follows:

(a) one person who is a retiree

(b) one worker, and

(c) five other persons.

In the event of the absence or inability to act, or of the suspension under Section 111(4) of a member of the Board, the Cabinet may appoint a person to act as a member of the Board during the absence, inability or suspension.

In making appointments to the Board, consideration shall be given to the adequacy of geographical representation and representation of employers and workers from both the public and private sectors.

FIDUCIARY RESPONSIBILITY

The primary role of MISSA’s Board of Directors is to oversee how the Marshall Islands Retirement Fund is managed to serve the interest of the majority of our beneficiaries and their families.

As the steward of the Fund, the Board practices prudent fund management by keeping the growth of its operating and administrative expenses at sparing levels. Prior to FY 2000, administrative expenses used to represent at least 14.5% of the total revenues or about $1.6 million annually.

With the cost cutting measure adopted by the Board since 2001, the Administration was able to reduce administrative expenses to just an average of 7% of total revenues or about $0.875 million annually in the past five years.

In an unprecedented move two years ago, the Board proposed to reduce the 20% cap in administrative expenses to 10%. This was supported by former Health Minister Alvin Jacklick who subsequently introduced a bill to have it approved. To-date, the bill is awaiting Nitijela’s approval.

CHALLENGES

The Board has adopted corporate governance principles aimed at ensuring that all the Members are independent from third party intervention and pressure, be it political or personal in nature.

As fiduciaries and trustees of the Retirement Fund, the Board is aware of its duty to ensure that the Fund becomes financially viable and its assets and stability remain protected from what some may perceive to be self-serving and/or politically-motivated actions on the part of a few.

TRANSPARENCY

The Board has put more emphasis on ensuring that the Marshall Islands Retirement Fund is transparent and complies with disclosure requirements. It understands the importance of keeping all beneficiaries, contributors and the public fully informed of relevant developments to avoid negative perception often based on unfounded information.

To introduce public awareness, the Administration has used a local newspaper to publish real time updates about most recent financial developments, negotiations and other information that the public should know.

CORPORATE GOVERNANCE

The MISSA Board held 10 and 8 meetings in FYs 2006 and 2007, respectively. Each of these meetings was attended by at least four Members to form a quorum. The Board has focused on the areas that are significantly important to current and future beneficiaries - the growth of the retirement fund in general, and increasing tax compliance, equitable distribution of benefits, controlling costs and expenses, operational efficiency by management and staff, and proposed legislations affecting MISSA, in particular.

At least on a quarterly basis, the Board receives briefings from MISSA’s Administrator, Senior Managers and Legal Counsel on a variety of operational and administrative issues including: financial performance, tax collections, claims and benefits, branch operations, information technology, human resources and legal updates.