Oshakati — The Government Institutions Pension Fund has raked in N$4.7 billion in contributions from its members during the 2023 financial year.
The fund's CEO Martin Inkumbi said the contributions were received from 97 512 active members, as the fund's asset value stands at N$151 billion. "The Fund's investment return has increased with 7.7% to N$6.5 billion, compared to an increase of 10.8%, which amounted to N$11.6 billion in the previous year," he noted.
Inkumbi further revealed that the fund disbursed N$6.9 billion in benefits to active pensioners and annuitants. The GIPF head revealed these figures during the official launch of its 2023 Integrated Annual Report at Oshakati on Tuesday.
Vice chairperson of the GIPF board of trustees Evans Maswahu stated that the fund has produced integrated annual reports since 2018 to enhance the way it communicates its business narrative, providing a coherent account of how all its resources contribute to value-creation.
He said in their assessment of the risks, opportunities and outcomes that materially impact value-creation, they expanded their focus beyond the financial reporting boundaries.
Maswahu observed that the broader perspective allows them to address the material interests of their stakeholders, and consider the significant risks.
"Also, it involves the opportunities and impacts associated with our activities across the short-term (less than 12 months), medium-term (one to four years), and long-term (beyond four years) horizons," said Maswahu. He added that the report discloses information about matters which can potentially impact their long-term value- creation significantly.
"This was achieved through the identification and prioritisation of material aspects for inclusion in this report, which involved a comprehensive review of several aspects, including the GIPF's business model, their interaction with the capitals, the operating environment, and the expressed interests of their key stakeholders as expressed during our ongoing business engagements," he said.
