Wednesday, November 15, 2017

Long overdue: A new boss at the UN Pension Fund and a reformed Board, 15 November 2017

An important change was made to the United Nations pension fund last month, when Secretary-General António Guterres announced he was appointing Sudhir Rajkumar of India to succeed Carol Boykin as his representative for investments of the $61.5 billion fund.
Guterres needs to make another major change, however, to address serious problems at the joint staff pension fund. Two recent UN internal audits detail irregularities in procurement and contracts in the fund’s secretariat, headed by Sergio Arvizu, the chief executive officer. Many fund observers inside and outside the UN consider these new developments not only more indication that Arvizu must go, but also that the pension board needs to improve its oversight and requires structural reform.

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