Attended by just a handful of members, the meeting discussed a number of key issues regarding the fund.
The meeting was also attended by the CINSF board members and representatives from Public Trust New Zealand and Russell Investments.
Members questioned the board members led by departing acting chairman Richard Neves, on legislation which restricts the investment of members fund in the Cook Islands economy.
CINSF chief executive officer Damien Beddoes reiterated that the CINS Act allows for the fund to invest up to only 20 per cent of the amount of the fund in the local economy.
“The CINSF board and the Fund Trustee (the Public Trust) have developed a comprehensive Statement of Investment Policies and Objectives to guide the investment decisions for members’ funds,” Beddoes said.
“This includes the levels of risk, potential returns, liquidity, safety and security, and choices to provide the best long term risk via returns for members.
“In meeting those objectives, the fund has selected both New Zealand and global markets and products to achieve diversification and returns, and for the past 15 years these policies have delivered consistent returns at conservative levels of risk. There is currently no compelling reason to change this strategy.”
Members’ funds are invested by CINSF investment manager Russell Investments in a number of international companies including Apple, Samsung and Google.
Beddoes also highlighted the challenges, achievements and future plans of the fund, adding it was well positioned.
Representatives from Public Trust New Zealand and Russell Investments explained their roles in the Fund.