Maria David
THE Government Institutions Pension Fund (GIPF) officially launched its 2023 Integrated Annual Report in Oshakati.
GIPF Chief Executive Officer Martin Inkumbi said that they received a total of N$4.7 billion in contributions from members during the 2023 financial period, contributed by their 97,512 active members.
According to Inkumbi, a total of N$6.9 billion was disbursed in benefits to active pensioners and annuitants. Meanwhile, the total fund asset value stood at N$151 billion.
These figures are contained in the fund’s 2023 integrated annual report launched on Tuesday.
“The Fund’s investment return has increased by 7.7 percent to N$6.5 billion, compared to an increase of 10.8 percent amounting to N$11.6 billion in the previous year,” he said.
Vice Chairperson of the GIPF Board of Trustees, Evans Maswahu, mentioned that the GIPF has produced integrated annual reports since 2018 to enhance the way they communicate their business narrative, providing a coherent account of how all their resources contribute to value creation.
Maswahu indicated that in their assessment of the risks, opportunities, and outcomes that materially impact value creation, they expanded their focus beyond the financial reporting boundaries.
“This broader perspective allows us to address the material interests of our stakeholders and consider the significant risks, 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,” he said.
He added that this report discloses information pertaining to matters that can potentially impact their long-term value creation significantly.
Maswahu said this was achieved through the identification and prioritization of material aspects for inclusion in this report, which involved a comprehensive review of several aspects, including 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.
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