MDPF Board of Directors meets

Muscat: The Board of Directors of the Ministry of Defence Pension Fund (MDPF) held its first meeting on Monday under the chairmanship of HH Sayyid Shihab bin Tarik bin Taimour al Said, Deputy Prime Minister for Defence Affairs, MDFP Chairman of the Board of Directors.

HH Sayyid Shihab welcomed the members and congratulated them on the 50th Glorious National Day of the Sultanate, praying to Allah the Almighty to perpetuate the Sultanate’s welfare and security under the wise leadership of His Majesty the Sultan, the Supreme Commander.

The meeting reviewed its agenda and took appropriate decisions regarding them, most notably the Board's approval of the Fund’s accounts report and the financial statements for 2019, the Board's discussion of the performance report for 2019, and the performance report for the nine months ending on September 30, 2020 for all MDPF's investments.

The Board commended the efforts exerted to achieve these good results. The Board also stressed on ensuring the continuation of cash flows to cover the pension, financial and investment obligations of MDPF.

The Board also reviewed MDPF's real estate portfolio and reviewed the progress of work in the existing and future real estate projects in the current year, and set priorities for the next stage.

The Board stressed the importance of adhering to its approved general investment policy and following the executive regulations of the Royal Decree No (31/96) for investing the funds of the Public Authority for Social Insurance and salary and pension funds.

At the end of the meeting, HH Sayyid Shihab stressed the importance of doubling efforts, increasing productivity and providing the best pension services with high efficiency and effectiveness, as well as constantly endeavouring to strengthen communication channels between MDPF, retirees, employees of the Ministry of Defence and the Sultan’s Armed Forces, and continuously working on developing workflow mechanisms to achieve the desired goals. --ONA