Accountability of trustees of retirement benefit schemes -A survey of selected retirement benefits schemes in Kenya
Abstract
The objectives of the study were to identify establishments and appointments of board
of trustees (BOT) and reporting practices of retirement benefits schemes in Kenya.
The study primarily aimed at determining the levels of accountability of trustees of
retirement benefits schemes in Kenya.
Full compliance to the Retirement Benefits Authority (RBA) Act 1997 by retirement
benefits schemes is in the final stage implementation. The establishment of board of
trustees has been effected by all the schemes studied. And most schemes have started
submitting their annual reports to the RBA.
It was established from this research that smallest BOT is made up of three trustees
and the largest thirteen trustees. The sponsors and the members are represented as per
the requirements of the RBA Act 1997 (two thirds and a third respectively). Both the
members and the members Organizations elect the members' representatives. The
annual reports of the schemes are submitted and availed to the members and RBA
within the statutory time. The extent of disclosure is above average (over 50%) and
that the schemes prepare and present their reports as per the RBA requirements and
guidelines.
The overall accountability levels of the schemes is average and that level of
accountability cannot be attributed to type of scheme, number of trustees, or the
sponsors of the scheme, The practices and accountability levels vary from scheme to
scheme and are not attributable to any of the factors above.
Citation
Masters Of Business Administration (MBA) Degree, University of NairobiPublisher
University of Nairobi School of Business
Description
A management research paper submitted in
partial fulfillment of the requirement for the
Degree of Master of Business Administration,
Faculty of Commerce, University Of Nairobi.