Report recommends transfer of iTaukei Trust Fund to GCC

April 17, 2024 6:44 am

[File Photo]

A Great Council of Chiefs review report suggested that the iTaukei Trust Fund be moved under the proposed GCC structure and grow its financial base.

The review report was spearheaded by Dr. Jone Baledrokadroka, Ratu Timoci Tavanavanua, Dr. Adi Eci Kikau Nabalarua, Graham Leung, Mereani Rokotuibau, and Dr. Apisalome Movono.

The report recommends the establishment and appointment of a Board of Trustees consisting of up to a maximum of eight persons, four of whom are to be members of the GCC.

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It says the function of the board is to invest all assets transferred from the iTaukei Trust Fund, as the board determines.

The board may vary, sell, and transfer any such investments from time to time that are necessary for the proper administration of the fund, among other things.

iTaukei Affairs Minister, Ifereimi Vasu

Minister for iTaukei Affairs Ifereimi Vasu says proper procedures are followed.

“We will be working on that one. It will be more on the consultation to see which one is the best way to do it to safeguard the trust fund and also to ensure the concept to support the GCC is there all the time.”

Vasu says the sustainability of the fund is an important element that will be considered when discussing the recommendation for such a transfer.

The Minister says the iTaukei Trust Fund remains with the Ministry for now.

The review report suggested that the board receive all revenues and grants from the GCC.

It says the board shall do all acts and things as it considers necessary, desirable, and proper to further the purpose of the fund and the best interests of the beneficiaries.