Key Highlights of the Revised Guidelines on Appointments to Board and Senior Management Positions of PFAs & PFCs

The National Pension Commission (PenCom) has released Revised Guidelines on Appointments to Board and Senior Management Positions for all Licensed Pension Fund Operators (LPFOS), I.e. Pension Fund Administrators (PFAs) and Pension Fund Custodians (PFCs).

The revised Guidelines aims to: strengthen governance, ensure only credible and competent candidates are appointed on the Board and Senior Management positions of LPFOs in the pension industry, and consolidate the Guidelines to align with the Nigerian Code of Corporate Governance (NCCG 2018), as well as address recent developments in the pension industry.

Key Highlights of the Revised Guidelines:

• Not more than two members of a family shall be on the Board of LPFOs at the same time.
• No two members of a family shall simultaneously occupy the positions of Managing Director/Chief Executive Officer (MD/CEO), Executive Directors (ED), or Board Chairman of LPFO.
• Three-year cooling-off period for ex-PenCom staff on Directorate Grade and above before appointment on the Board and Senior Management Positions of LPFOS.
• Role-Specific Requirements for the positions of MD/CEO, EDs Non-Executive Directors (NEDs), Independent Non-Executive Directors (INEDs) and Heads of Departments.
• Planned exits must be reported to the Commission at least two months in advance.
• Sudden exits must be reported to the Commission within 48 hours and require acting appointments not exceeding six months.
• No Management Staff such as General Manager, Deputy General Manager etc. shall be appointed or engaged by LPFOs without notifying the Commission.
• The Cadre or grade level of persons nominated as Heads of Departments shall not be less than 4 levels below the grade of the most senior career officer in the hierarchy of the LPFO.
• No Director or Senior Management Staff of LPFO shall attend Board and/or Board Committee Meetings or assume duties in the LPFO without prior written approval of the Commission.
• LPFOs are required to notify the Commission about the redeployment of EDs or HODs.
• Prior approval shall be sought from the Commission for redeployment Compliance Officer and Head of Investment.

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