NATIONAL PENSION COMMISSION CODE OF CONDUCT FOR DIRECTORS OF LICENSED PENSION OPERATORS
Code · Finance
A Code outlines conduct standards and duties for directors of licensed pension operators in Nigeria. It targets board members of pension fund administrators and custodians. This promotes integrity and good governance in the pension sector.
NATIONAL PENSION COMMISSION CODE OF CONDUCT FOR DIRECTORS OF LICENSED PENSION OPERATORS
What Is This Policy?
A governance code specifying the conduct standards, duties, and obligations of directors serving on the boards of PenCom-licensed Pension Fund Administrators and Pension Fund Custodians.
Who Does It Target?
Executive and non-executive directors of PFAs Board members of Pension Fund Custodians PenCom licensing and supervision officials Shareholders appointing directors to pension operator boards
What Does It Aim to Achieve?
Promote sound corporate governance in the pension industry by ensuring that directors of licensed operators meet high standards of integrity, competence, and independence.
Key Features
Fit and Proper Requirements: Directors must meet PenCom's fit and proper standards regarding qualifications, experience, and integrity. Independence Standards: Non-executive directors must be genuinely independent and free from relationships that compromise their objectivity. Board Responsibilities: Defines the collective and individual responsibilities of the board for risk management, compliance, and contributor welfare. Disclosure: Requires directors to disclose interests in transactions involving the pension operator.
Current Status
Rollout Stage: Active Coverage: All PenCom-licensed pension operators Beneficiaries: Pension contributors; pension industry governance Funding: Not applicable
How to Access
Director appointments must be pre-approved by PenCom Annual compliance declarations must be submitted Directors must attend mandatory governance training Application method: Submit director approval applications to PenCom before appointment.
Important Terms
Directors found unfit may be removed by PenCom direction Board diversity is encouraged but not mandated Criminal convictions disqualify a person from serving as a director of a pension operator
Official Resources
Website: https://www.pencom.gov.ng Contact: National Pension Commission (PenCom)
Legal Framework
Issued under the Pension Reform Act 2014, which established the National Pension Commission (PenCom) and the Contributory Pension Scheme. Derives authority from PenCom's regulatory mandate under the Pension Reform Act and operates alongside the Investment Regulations for Pension Fund Administrators and the Guidelines for Pension Fund Operators.