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MMUST'S STAFF RETIREMENT BENEFITS SCHEME CONDUCTS 11TH ANNUAL GENERAL MEETING AS MEMBERS CALL FOR INVOLVEMENT IN DECISION MAKING

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Dr. Rose Opiyo giving a point at the AGM.


The moderator of the event, Prof. Judah Ndiku, who is also a member of the Board, conducted the sessions strategically to ensure that the engagements are done in an orderly manner and within the laws of the Scheme. Prof. Ndiku advised members to visit the Scheme’s office in case of any inquiries and update their details in the Scheme’s database. The other members of the Board present were Prof. Bernadette Sabuni (Trustee), Dr. Isaac K'owino (Trustee), Mr. Josephat Shigogodi (Trustee) and Mr. Bernard Wesonga (Trustee Secretary).


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Mr. Williat Anyika giving a point during the AGM.


Having elected them in office as custodians of their property, members of the scheme urged Trustees to uphold inclusivity, honesty and transparency in all their undertakings. “We would like to request our leadership to furnish members with all the details relating to this Scheme,” said Mr. Aggrey Shimenga, one of the Scheme members.

Various service providers, who had been invited to the event, gave elaborate expositions about the MMUST Scheme. Some of the presentations they made included ‘Structure of Benefits’ by Mr. Michael Ndung’u - Octagon Pension Services, ‘Scheme’s Investment by Fund Managers’ by Mr. David Kyalo- Old Mutual Investment Group and ‘Scheme’s Assets’ by Ms. Esther Maina -KCB Custody Services.

"We have obtained all the information and explanations which to the best of our knowledge were necessary for the purposes of our audit. In our opinion, proper books of accounts have been kept by the Scheme; the Scheme's statement of Net assets and Statement of Change in the net assets agree with the books of accounts," stated the auditor, Mr. Alex Wasilwa.


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Dr. Otanga articulating a point during the function.


Some members showed dissatisfaction with the report citing lack of enough information concerning the Scheme’s Investment plan. However, the concerns were clarified by the Chairman, Dr. Otanga. Further, Mr. Josephat Shigogodi assured members that the assets purchased by the Scheme which are in the form of land are all in a good state. “The Board of Trustees is planning for subdivision of the land for sale. This will in-turn bring profits to the Scheme,” said Mr. Shigogodi.

The Custodian's report revealed that MMUST Staff Retirement and Benefits Scheme is well maintained in segregated accounts with all investments executed as per the Fund Manager Instructions. Further, the same report indicated that the assets held under custody were carried out by the Trustees in -tandem with the Retirement Benefits Authority (RBA) guidelines.

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