“The decline in investment performance for the fiscal year 2008/9 is considered out of the ordinary because all investment assets have seen a decrease due to the financial crisis,” said Pehin Orang Kaya Seri Dewa Major General (Rtd) Dato Seri Pahlawan Hj Mohammad Hj Daud, while adding that financial institutions all over the world were also experiencing the same situation.
“For the fiscal year 2008/9, the board of the Employees Trust Fund has made the decision to not issue any dividends after taking into account the financial crisis and the global economy which has been in recession and has thoroughly affected the performance of TAP’s investments,” he said in his remarks during TAP’s Appreciation Night 2009 at the Rizqun International Hotel. However, the chairman assured the pension fund’s members that their savings in their accounts “have not been affected at all and have not experienced any sort of decline” despite the less encouraging investment performance during the aforementioned fiscal period.
Pehin Dato Hj Mohammad said that as of April this year, the performance on investments has done better since the global economy is in the process of recovering from the financial crisis.
“Nevertheless, TAP will always monitor the performance of the investment to diversify its portfolio. TAP will also continue to explore investment opportunities which can optimise the returns to its members,” the minister said.
TAP is currently examining the investment potential in the Asia-Pacific region as well as globally following the encouraging status of the economic environment. The pension fund has also successfully widened its asset classes by investing in real estate investment trusts (REITs), he said.
“TAP is always ensuring that its investments are at a good level and follow the set guidelines. I am fully confident and believe that with the experience and expertise of the members of the investment panel, (we) will increase our efforts to ensure that the investments made by TAP are done prudently and professionally, Insyallah”. (ODM1)
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[...] declares a 5.65% dividend, up from 4.50% paid out in FY2008. In Brunei, our TAP has generated a 0% dividend in FY2009 and 4.25% in [...]