Governance

Administrative Committee

The Administrative Committee has the full responsibility to manage and administer the Fund. The Administrative Committee is comprised of five (5) members:

  • 3 are representatives of the Principal Employer (Aon Hewitt), and
  • 2 are representatives of the members of the Fund.

All members of the Administrative Committee have to meet the fit and proper requirements required by the Fund deed and Cyprus Law.

Internal regulation

The Administrative Committee issues internal regulations which clearly define all management and administration processes of the Fund. The regulations are based on the following principles:

  • Prudency
    The Fund identifies and evaluates all risks that may affect the achievement of its objectives. Processes are set by taking into account all events likely enough to happen that a reasonably prudent person would consider.
  • Transparency
    All management and administration processes of the Fund are written and accessible to the Members of the Fund.
  • Equality
    The processes are set to eliminate any discrimination in the treatment of Members that would lead to the benefit of some Members of the Fund at the expense of others.
  • Efficiency
    The processes of the Fund are designed to be as simple and efficient as possible without jeopardising the achievement of its objectives.

Participating Employers

A Participation Agreement must be executed by a Participating Employer and the Administrative Committee admitting a new Participating Employer to the Fund.
The Participating Employer's responsibility is limited to the drafting of the Participation Agreement, i.e. to the definition of the eligibility criteria and contribution schedule applicable for his employees.