'VILIAME VODONAIVALU was previously a staff of FNPF from 2006 to 2008 where he held the post of Deputy Chief Investment Officer and CEO for Natadola Bay Resort Limited, a wholly owned subsidiary of FNPF'. |   |
"Vodonaivalu holds a Master of Applied Finance from the University of Melbourne and prior to joining FNPF in July 2017, he was the Director Fund Management and Acting CEO for Vanuatu Provident Fund."
FNFP Chairman Daksesh Patel
 |  |
Grave concerns have been raised at alleged alarming irregularities the custodian of the peoples’ funds, namely the Vanuatu National Provident Fund (VNPF) Board’s recruitment of Fijian national, Viliame Baleitavua Vodonaivalu, for the post of General Manager- Funds Management, rejecting the top candidate- former VNPF General Manager, Kelip Sandy, who reportedly scored the highest points after the interviews for the post.
The Board reportedly decided that Mr Sandy was ‘overqualified’ for the post and recruited the 2nd runner up, Vodonaivalu. Daily Post was told Vodonaivalu allegedly negotiated his salary when he was made the offer for the top VNPF post and his salary and benefits reportedly exceeds the current VNPF GM Santos Vatoko’s, with the base salary of Vt8.5 million per annum.
His benefits allegedly include:
•Expatriation allowance-Vt1.7 million.
• Accommodation-Vt1.8 million.
•Settling-In allowance-Vt708,333.
• Return airfares applicable only to beginning and end of contract period.
• Annual paid leave of 21 days.
• Medical cover including medevac up to Vt100,000, insurance cover annually.
•Monthly VNPF contribution at the rate of 8% (4% from employee salary and 4% from VNPF) and car allowance of Vt440,000.
The Board reportedly decided that Mr Sandy was ‘overqualified’ for the post and recruited the 2nd runner up, Vodonaivalu. Daily Post was told Vodonaivalu allegedly negotiated his salary when he was made the offer for the top VNPF post and his salary and benefits reportedly exceeds the current VNPF GM Santos Vatoko’s, with the base salary of Vt8.5 million per annum.
His benefits allegedly include:
•Expatriation allowance-Vt1.7 million.
• Accommodation-Vt1.8 million.
•Settling-In allowance-Vt708,333.
• Return airfares applicable only to beginning and end of contract period.
• Annual paid leave of 21 days.
• Medical cover including medevac up to Vt100,000, insurance cover annually.
•Monthly VNPF contribution at the rate of 8% (4% from employee salary and 4% from VNPF) and car allowance of Vt440,000.
VNPF: All due process followed to recruit Fijian
Daily Post stands by article it printed as it believes the VNPF members deserve to know what is happening and how their money is being spent
May 22, 2015
The Board of the Vanuatu National Provident Fund (VNPF) has acknowledge last weekend’s front page article and allegations against the VNPF Board’s recent appointment of the new Director Fund Management, Fijian national, Viliame Baleitavu Vodonaivalu.
The VNPF Board Chairman, Mr Simil Johnson in a statement stated: “We must express our greatest dissatisfaction at the Daily Post’s lack of concern for the possible consequences of such biased reporting and the lack of professionalism in the manner in which the facts were presented without consultation with the Board.
“The Board is also more disappointed of the conduct of the staff that had disclosed the confidential information, breaching Section 12 of the Vanuatu National Provident Act, which provides for confidentiality of the funds’ information.
“The Board had approved the 2014 – 2018 strategic Plan and the current actions of the Management then had stalled the implementation of the new Organizational structure and the achievement of the intent of the Board approved Strategic Plan. The Structure sets the platform for the achievement of the intent of the Board.
“The strategic plan was intended to set the stage for a profitable and sustainable VNPF. Past years financials performance emphasized the need to expedite the implementation of the Strategic plan to achieve a profitable and sustainable fund.
“Section 9 of the VNPF Act Cap 189 states “…the Board may appoint, at such remuneration and upon such terms and conditions as it thinks fit such other officers, employees, agents, advisers or consultants as may be required for the proper and effective discharge of the functions of the Board”.
“This follows from Section 8(3) of the VNPF Act Cap 189 states “…the Board may delegate to the General Manager, with or without restrictions or conditions, such of its powers and functions as it may consider expedient of the day to day operation of the Board”.
“This follows from Section 5 (1) of the said Act that the Board shall have the powers to do all the things which are necessary or conducive to the carrying out of the objectives of the Act.
“Section 5(2)(e) further states that the Board can enter into a contract with any person for the better carryout the objective of the Act.
“Subsidiary Policies follows that are formulated to operationalize the requirements of the Act in particular VNPF Corporate Governance Policy section 4.1.5 © on the Delegation System which states:
“ ..The Board requires rules to define who within the Fund structure (including the Board) has the power to make business decisions. This is called delegation system. These powers generally relate to committing the Funds money for purchases, entering into contracts, tendering, etc.
“However, they include powers to hire staff, make changes to policy or operating procedures, deal with industrial issues, etc.
Some of these powers (at the highest level) are defined in the Act.
“It is the Board’s role to ensure that a system of delegation is established for the fund, that it is approved by a resolution of the Board, and that it is fully understood and adhered to throughout the Management structure.
“The Boards position on the recruitment are emphasized as follows:
“➢The Board believes it has followed all due process of recruitment
“➢The Board apointed officer has the required credentials both in experiences and qualifications which is unmatched with the current Executive Staff of VNPF and the local market.
“➢Mr Vodonaivalu obtained his Masters in Applied Finance from the University of Melbourne Australia in 1999. In 1997 he achieved his Post Graduate Diploma in Accounting and Finance from Victoria University, after he had achieved his Bachelor of Arts, Majoring in Accounting and Information Systems from USP in 1992. Prior to that, he was awarded a Diploma in Statistics and Data processing from USP.
“➢Mr Vodonaivalu has had broad and long history in the finance sector since 1992.
“➢His experiences include various roles up to Acting Senior Audit Manager with the Fiji Government Auditor General’s Office from 1992 – 2000.
“➢In May 2000 he was Manager Funds Management with Air Pacific Limited till June 2001.
“➢He joined ANZ Bank Fiji in 2001 until 2004 progressing up to the Manager Balance Sheet Management role.
“➢ He moved to Westpac Banking Corporation (WBC) Fiji as Manager Treasury and Specialised Finance till April 2006.
“➢In 2006 until 2008 he joined Fiji National Provident Fund (FNPF) and appointed to Executive roles simultaneously as per FNPF Board and FNPF Subsidiaries appointments as follows:
“• From April 2006 until October 2008 was the Assistant General Manager Treasury and Deputy Chief Investment Officer (CIO) and during that time he also acting in the CIO role.
“• CEO of Natadola Bay Resort Ltd from February 2007 to February 2008, and was instrumental in managing the FJD300Mio plus project up to 64% completion state for the Intercontinental Project.
“• He was the CEO for Fiji National Provident Fund Investment Limited from September 2006 till February 2008,
“• In February 2008, he moved to WBC as Deputy Treasurer Fiji and Pacific Islands (5 sites plus Fiji), and in October of 2008 moved to WBC Tonga, where he was Manager Finance and Treasury and held various senior executive roles within WBC Tonga.
“• In February 2011, Mr Vodonaivalu moved to WBC Vanuatu as the Regional Head of Treasury Pacific Island Nations overseeing 5 Pacific sites, and later in 2013 held the Regional Head of Financials Markets Sales Pacific Islands (overseeing 5 Pacific sites) until September 2014.
“• In November 2014, he was a Consultant to the Melanesian Spearhead Group conducting a feasibility study for the Melanesian Spearhead Group Development and Investment Fund (MDIF). His role was provided services as a Lead consultant to carry out the feasibility study.
“• It was from this role that Vodonaivalu has now joined VNPF.
“In the Board recent dealings and experience with Mr Vodonaivalu, the recent proposals and Board papers that have been submitted have impressed before the board to have been of exceptional quality and standards with substantial due diligence and analysis that the Board has sought and expected from the Management.
“As such, the Board re-affirms that its appointment of Mr Vodonaivalu as the new Director of Fund Management is in the best of interest of the Fund going forward in bringing it to a next level of professionalism in its restructure of the Fund’s investments, and in supporting growth and development of our Ni Vanuatu staff.
“Mr Vodonaivalu’s recruitement also emphasizes on our Melanesian values and the MSG objectives, that encourages the knowledge sharing and labour mobility within Melanesia.
“It was not in anyway a discredit to our qualified Ni-Vanuatu resources, but an opportunity to enhance the capabilities and knowledge base of our Ni Vanuatu resources that will manage the fund into the future.
“The aforementioned employment contract is only for 24 months (2 years), with the expectation that Mr Vodonaivalu will be instrumental in the restructuring of the Funds Investments, quick turnaround of the funds Investment Portfolio, as well as actively train and develop the Fund Investment Officers to broaden their experience , expertise and knowledge base enhancing the Fund’s in-house investment capacities and capabilities.
“The Board reassures its members that its decisions have been in their best interest and it looks forward to the Members continuous support and understanding,” the VNPF Board Chairman said.
Daily Post stands by the article it printed on Saturday as it believes the VNPF members deserve to know what is happening and how their money is being spent.
The Board of the Vanuatu National Provident Fund (VNPF) has acknowledge last weekend’s front page article and allegations against the VNPF Board’s recent appointment of the new Director Fund Management, Fijian national, Viliame Baleitavu Vodonaivalu.
The VNPF Board Chairman, Mr Simil Johnson in a statement stated: “We must express our greatest dissatisfaction at the Daily Post’s lack of concern for the possible consequences of such biased reporting and the lack of professionalism in the manner in which the facts were presented without consultation with the Board.
“The Board is also more disappointed of the conduct of the staff that had disclosed the confidential information, breaching Section 12 of the Vanuatu National Provident Act, which provides for confidentiality of the funds’ information.
“The Board had approved the 2014 – 2018 strategic Plan and the current actions of the Management then had stalled the implementation of the new Organizational structure and the achievement of the intent of the Board approved Strategic Plan. The Structure sets the platform for the achievement of the intent of the Board.
“The strategic plan was intended to set the stage for a profitable and sustainable VNPF. Past years financials performance emphasized the need to expedite the implementation of the Strategic plan to achieve a profitable and sustainable fund.
“Section 9 of the VNPF Act Cap 189 states “…the Board may appoint, at such remuneration and upon such terms and conditions as it thinks fit such other officers, employees, agents, advisers or consultants as may be required for the proper and effective discharge of the functions of the Board”.
“This follows from Section 8(3) of the VNPF Act Cap 189 states “…the Board may delegate to the General Manager, with or without restrictions or conditions, such of its powers and functions as it may consider expedient of the day to day operation of the Board”.
“This follows from Section 5 (1) of the said Act that the Board shall have the powers to do all the things which are necessary or conducive to the carrying out of the objectives of the Act.
“Section 5(2)(e) further states that the Board can enter into a contract with any person for the better carryout the objective of the Act.
“Subsidiary Policies follows that are formulated to operationalize the requirements of the Act in particular VNPF Corporate Governance Policy section 4.1.5 © on the Delegation System which states:
“ ..The Board requires rules to define who within the Fund structure (including the Board) has the power to make business decisions. This is called delegation system. These powers generally relate to committing the Funds money for purchases, entering into contracts, tendering, etc.
“However, they include powers to hire staff, make changes to policy or operating procedures, deal with industrial issues, etc.
Some of these powers (at the highest level) are defined in the Act.
“It is the Board’s role to ensure that a system of delegation is established for the fund, that it is approved by a resolution of the Board, and that it is fully understood and adhered to throughout the Management structure.
“The Boards position on the recruitment are emphasized as follows:
“➢The Board believes it has followed all due process of recruitment
“➢The Board apointed officer has the required credentials both in experiences and qualifications which is unmatched with the current Executive Staff of VNPF and the local market.
“➢Mr Vodonaivalu obtained his Masters in Applied Finance from the University of Melbourne Australia in 1999. In 1997 he achieved his Post Graduate Diploma in Accounting and Finance from Victoria University, after he had achieved his Bachelor of Arts, Majoring in Accounting and Information Systems from USP in 1992. Prior to that, he was awarded a Diploma in Statistics and Data processing from USP.
“➢Mr Vodonaivalu has had broad and long history in the finance sector since 1992.
“➢His experiences include various roles up to Acting Senior Audit Manager with the Fiji Government Auditor General’s Office from 1992 – 2000.
“➢In May 2000 he was Manager Funds Management with Air Pacific Limited till June 2001.
“➢He joined ANZ Bank Fiji in 2001 until 2004 progressing up to the Manager Balance Sheet Management role.
“➢ He moved to Westpac Banking Corporation (WBC) Fiji as Manager Treasury and Specialised Finance till April 2006.
“➢In 2006 until 2008 he joined Fiji National Provident Fund (FNPF) and appointed to Executive roles simultaneously as per FNPF Board and FNPF Subsidiaries appointments as follows:
“• From April 2006 until October 2008 was the Assistant General Manager Treasury and Deputy Chief Investment Officer (CIO) and during that time he also acting in the CIO role.
“• CEO of Natadola Bay Resort Ltd from February 2007 to February 2008, and was instrumental in managing the FJD300Mio plus project up to 64% completion state for the Intercontinental Project.
“• He was the CEO for Fiji National Provident Fund Investment Limited from September 2006 till February 2008,
“• In February 2008, he moved to WBC as Deputy Treasurer Fiji and Pacific Islands (5 sites plus Fiji), and in October of 2008 moved to WBC Tonga, where he was Manager Finance and Treasury and held various senior executive roles within WBC Tonga.
“• In February 2011, Mr Vodonaivalu moved to WBC Vanuatu as the Regional Head of Treasury Pacific Island Nations overseeing 5 Pacific sites, and later in 2013 held the Regional Head of Financials Markets Sales Pacific Islands (overseeing 5 Pacific sites) until September 2014.
“• In November 2014, he was a Consultant to the Melanesian Spearhead Group conducting a feasibility study for the Melanesian Spearhead Group Development and Investment Fund (MDIF). His role was provided services as a Lead consultant to carry out the feasibility study.
“• It was from this role that Vodonaivalu has now joined VNPF.
“In the Board recent dealings and experience with Mr Vodonaivalu, the recent proposals and Board papers that have been submitted have impressed before the board to have been of exceptional quality and standards with substantial due diligence and analysis that the Board has sought and expected from the Management.
“As such, the Board re-affirms that its appointment of Mr Vodonaivalu as the new Director of Fund Management is in the best of interest of the Fund going forward in bringing it to a next level of professionalism in its restructure of the Fund’s investments, and in supporting growth and development of our Ni Vanuatu staff.
“Mr Vodonaivalu’s recruitement also emphasizes on our Melanesian values and the MSG objectives, that encourages the knowledge sharing and labour mobility within Melanesia.
“It was not in anyway a discredit to our qualified Ni-Vanuatu resources, but an opportunity to enhance the capabilities and knowledge base of our Ni Vanuatu resources that will manage the fund into the future.
“The aforementioned employment contract is only for 24 months (2 years), with the expectation that Mr Vodonaivalu will be instrumental in the restructuring of the Funds Investments, quick turnaround of the funds Investment Portfolio, as well as actively train and develop the Fund Investment Officers to broaden their experience , expertise and knowledge base enhancing the Fund’s in-house investment capacities and capabilities.
“The Board reassures its members that its decisions have been in their best interest and it looks forward to the Members continuous support and understanding,” the VNPF Board Chairman said.
Daily Post stands by the article it printed on Saturday as it believes the VNPF members deserve to know what is happening and how their money is being spent.
