Georgian Pension Agency's Investment Board elects new chairman
Olivier Russo is a new chairman of the Georgian Pension Agency’s Investment Board and his first deputy will be Jean-Frederick Polsen. Photo: Pension Agency.
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The Georgian Pension Agency’s Investment Board has elected a new chair – Olivier Russo.
His first deputy will be Jean-Frederick Polsen, announced the director of the pension agency, Levan Surguladze.
Russo and Polsen are among the five members of the Pension Agency's Investment Board who were elected by the parliament of Georgia to the body last month. The other members are Timo Wiherkenta, Michael Ridley and David Tsiklauri.
Russo is the CEO of the French Reserve Fund for the Pension System, while Polsen is a chairman of the supervisory board of the International School of Economics. He also was an advisor of Georgian Minister of Economy in 2017-2019.
Surguladze said that besides electing a new chairman and deputy chairman, the board also discussed the current situation of the capital market of Georgia. He said that the members of the board talked about how the investment board will work in the future.
A total of 232 million GEL (about 83.30m/€74.42m) has been accumulated in Georgia’s accumulative pension system in the first 150 days of operations of the Georgian Pension Agency, the agency that manages the pension system.
This month, the employed in Georgia will transfer money to the country’s pension savings system for the first time, as it was launched on January 1, 2019. Starting from January 1, 2019 the accumulated pension system is mandatory for legally employed people under 40, meaning they will be enrolled automatically.
A total of 747,774 employed people in Georgia are involved in the accumulative pension system, while both pension contributions and interest amounts total 174,047,572 GEL (about $64.46m/€57.31m), says Director of the Pension Agency Levan Surguladze.
The parliament of Georgia approved a law on an accumulative pension system yesterday, which is part of a larger pension reform initiated by the Georgian government. The government plans to launch a supplementary programme alongside the currently existing universal basic pension which amounts to 180 Gel.
Director of the Pension Agency Levan Surguladze has confirmed that he has submitted his resignation letter a week ago to the Supervisory Board of the Pension Agency.
About 563.5 million GEL ($196.6 mln/€175.3 mln) has been accumulated in the pension fund since January 1, 2019, says the Georgian Pension Agency. 959,548 citizens and 61,165 organisations are registered in the pension saving system.The employed in Georgia transfer money to the country’s pension savings system which was launched on January 1, 2019.
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The National Bank of Georgia has become a governing member of the International Organisation of Pensions Supervisors (IOPS) starting December 2019, announced the National Bank of Georgia earlier today.
The Pension Agency of Georgia has made its first large scale investment. A total of 560 million GEL (about $200.75m/€180.57m) was made in deposit certificates of “high-rated Georgian commercial banks”.
The Georgian Pension Agency has approved an investment policy document which determines the long-term investment strategy of pension savings.