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On Friday, 16 June at 3 p.m. at ILO in front of
more than 60 people representing the organizations
members of the Pension Fund, the Chief of
Administration of the United Nations in charge of
the investments of the Pension Fund declared:
Your Fund has had a very bad performance
The facts – The United Nations Pension Fund had
in 2005 the third best performance among US pension
funds of its category. Over the 10 last years, and
without taking account of inflation, the real average
annual rate of return of our Fund has been 10%.
I will privatize 45% of the management of
the UN Pension Fund
The facts – Three weeks earlier the Chief of Administration
declared in front of the Investments Committee “I will privatize the totality of the Fund”. The
day before coming to Geneva, in Vienna he declared “I will privatize 70% of the management of the Fund”.
The day after, in Rome, he declared “I will privatize
60% of its management”
The investment service of the Pension Fund
does not have enough staff
The facts – Since one year the investment service
has had a number of vacant posts. According
to our information they are still vacant.
I have the full support of the Secretary-General.
The facts – On Monday 19 June, the Secretary-General
in front of more than 1,000 staff members of the United
Nations in Geneva declared that this project was
far from being ready, that it would need numerous
studies before any decision could be taken, that as
long as he was there nothing would be done without
his agreement. He concluded that the Chief of Administration’s
trip was far too premature.
I have the full support of the Investments Committee
The facts – In its report of its May meeting, the
Investments Committee declared that numerous
studies would be necessary before any judgment
could be passed on the project presented by the
Chief of Administration.
The facts again –In his report to the Pension Board, the
Chief of Administration asks for an increase in the budget
of $127 million per year to outsource the investment
management, an increase of 500% over its current
value. The justification for this request is contained in
just two sentences. Furthermore the Chief of Administration
asks to be able to use these funds as he wishes.
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© 2006 UN Special |