In 2018, Georgia adopted the Law of Georgia on Pensions Savings (hereinafter the “Law”), based on a defined contribution pension scheme, in which the employer, employee and the state make contributions on a regular basis.
The Pension Agency, an independent legal entity of public law, is responsible for the implementation and administration of the pension saving scheme.
A five-member Investment Board will be established at the Pension Agency with the responsibility for the elaboration of the investment policy and the supervision of the investment process to be managed by a Senior Investment Officer. The Investment Board members and its chairman are not required to be permanently based in Georgia. The Investment Board members have to visit Georgia at least once a year and working hours are estimated at 72 hours per year. The Investment Board have to carry monitoring and assessment of the investment activities of the Pension Agency at least on a quarterly basis and also, periodically review and update the investment policy, on a need basis. Required meetings may be held using electronic means of communication.
Candidates for the Investment Board membership shall be selected and interviewed by the Selection Committee and submitted to the Parliament of Georgia for approval with a simple majority. Three members of the Investment Board shall be elected for a term of five years, while term of engagement of the two members shall be three years. The Investment Board will elect its chairman, which will become a member of the Supervisory Board of the Pension Agency.
Herewith, the Selection Committee is announcing vacancies for the Investment Board members.
The Investment Board members must have at least ten years of professional experience in the fields of finance, investments, asset management, risk control, economics, law, accounting or actuarial sciences and must have experience serving as senior executives at financial institutions, such as, investment banks, asset management companies and/or pension funds.
The Investment Board member must not be a person who is a heir/successor of any order, as defined by the applicable laws of Georgia, or an affiliated person of a member of the Selection Committee, the Director of the Pension Agency, Members of the Government of Georgia, or shall not be a manager, or an affiliated person, or an employee or a beneficial owner of shares of the asset manager, or the custodian of the Pension Agency, or any other service provider to the Pension Agency. A person convicted for a crime or declared bankrupt or recognized as an inappropriate person for managing a financial institution cannot be a member of the Investment Board.
Applicants are required to submit the following documents:
A cover letter;
Copies of relevant diploma(s) and corresponding transcripts.
Professional references, with contact details may also be submitted.