APS Presents 2023 Annual Report to Minister of Finance 

830

 

Cayhill, Sint Maarten — On July 3, the Algemeen Pensioenfonds Sint Maarten (APS) presented its 2023 annual report to the Minister of Finance. Ms. Nathalie Tackling (Chairperson) and Mr. Oscar Williams (Director) met with the Minister to discuss the significant financial growth and strategic developments of the pension fund throughout the year. The presentation highlighted APS’s commitment to enhancing services and benefits for its valued participants.

Financially, 2023 was a remarkably positive year for APS. Mr. Williams stated, “The value of our investment portfolio saw a substantial increase due to favorable developments in international financial markets, alongside a rise in the actuarial interest rate. These factors combined to improve APS’s financial position, resulting in an increase of over 10 percentage points compared to 2022. By the end of 2023, the coverage ratio stood at 109.09%.”

Regarding local investments, APS dedicated significant effort in 2023 to establish a robust organization for objectively assessing and realizing local investments. The Sint Maarten Investment Company (SMIC) evaluates financing requests and proactively seeks potential investments within Sint Maarten. Ms. Tackling explained that this setup enhances efficient workflow and effective risk management. APS aims to build a solid local investment portfolio that adheres to the pension fund’s investment guidelines, leading to successful and profitable projects in Sint Maarten.

Ms. Tackling emphasized, “The APS board remains committed to continuous improvement. We will keep enhancing our expertise, optimizing our governance processes, and making informed decisions to benefit our participants. Our focus will also be on sustainable growth, innovation, and delivering tangible benefits to our participants. We are dedicated to being a reliable and forward-thinking partner to all our stakeholders.”