Daksesh Patel has been reappointed as the Director and Chairman of the Fiji National Provident Fund Board.
FNPF says Patel’s appointment as FNPF Board Director by the Minister for Finance is in accordance with Section 7(1) of the FNPF Act, with his reappointment as Chairman of the Board under Section 8(1) of the Act.
They say he is a respected businessperson, leader and entrepreneur with extensive experience in the Australian steel industry within the Australia region.
According to FNPF, Patel was the InfraBuild CEO from October 2019 to July 2021, helming the business during a time of transitional change.
They also state that as CEO, Patel led transformative activities to arrest the business’s performance trajectory, setting the foundation for optimization and establishing a platform for future growth.
Patel has held senior leadership roles in privately-held businesses operating throughout the Oceania region and is a member of Vinod Patel Group, one of Fiji’s largest privately owned enterprises.
FNPF says throughout his career, he has continued to make a meaningful contribution to Fiji.
FNPF adds during his tenure as Board Chairman, the Fund treaded carefully during the COVID-19 pandemic, collaborating with the Government to ensure adverse effects to its members’ livelihoods were mitigated.
They say despite these challenges, the Fund yielded high investment returns, which allowed the Board to declare an impressive 7 percent interest rate to members for the 2023 financial year, the highest credit interest rate declared by the Fund in 24 years.
They also say that during Patel’s term as Chairman, the Fund recorded positive growth in its diversified investment portfolio, with assets totalling $9.5 billion and has paid out $2 billion in interest to members’ FNPF accounts in the last 6 years.
Patel joins Mukhtar Ali, Adish Naidu, Attar Singh, Joe Taoi and Shiri Gounder on the Board.
He will serve for a period of 4 years following this reappointment to the FNPF Board.
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