Former Chamber of Commerce Chairman expresses concern over rights of EPF members

Former Chamber of Commerce Chairman expresses concern over rights of EPF members

Former Chamber of Commerce Chairman expresses concern over rights of EPF members

Written by Staff Writer

08 Jun, 2016 | 7:10 pm

Former Chairman of the Ceylon Chamber of Commerce Chandra Jayaratne has urged the Minister of Labour and Trade Union Relations once again to ensure that investor rights of Employees Provident Fund or EPF members are safeguarded.

In a letter previously addressed to Minister of Labour and Trade Union Relations W.D.J. Seneviratne on June 3, Chandra Jayaratne stressed that the trustee responsibility and overall oversight responsibility of investments held in trust for the members of the EPF by the Central Bank of Sri Lanka, lies with Minister Seneviratne and the Ministry of Labour and Trade Union Relations.

In reference to that letter, the former chairman of the Ceylon Chamber of Commerce says that it is incumbent upon the minister and those concerned to demand from the Central Bank, that all independent financial services providers engaged by them in the investment of funds of the EPF, do adopt and conform to fundamental ethical principles, including those set out in the investor rights statement.

Chandra Jayaratne however draws special emphasis on the a number of fundamental ethical principles that should be adhered to including;

* Honesty, competence, ethical conduct and compliance with the law.

* Independence and objectivity

* Placing the interests of the EPF members as a priority, in preference over those of the entity

* Fair treatment

* Disclosure of any existing or potential conflicts of interests

Chandra Jayaratne says that this undertaking must be secured by Minister W.D.J. Seneviratne from the Central Bank and EPF officials, as well as other financial services intermediaries retained by the Central Bank and/ or the Employees Provident, in order to retain confidence and trust of the Employees Provident Fund members.

As mentioned in his previous letter, Chandra Jayaratne reiterates that he is confident that this appeal made to the minister in the interest of upholding transparency and good governance would receive immediate careful consideration.

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