Authorized Trustee Investment Order
The FHUT was declared a ‘Trustee Investment’ on the 26th June, 2003 which enables institutions whose investment choices are restricted by the Trustee Act of Fiji (1978) to able to be invest in the FHUT.
The Trustee – FHL Trustees Limited
FHL FML has engaged FHL Trustees Limited (hereafter referred to as ‘the Trustee’ or ‘FTL’) as the Trustees of FHUT since April 2012. The directors of the trustee company are Mr. Inia Naiyaga, Mr. Vula Vakacegu and Mr. Deve Raori Toganivalu.
The Trustees’ main responsibility is to exercise due care and diligence in protecting the rights and interests of all Unit holders and holding the assets of the unit trust on behalf of the Unit holders. The Trustee carries out its fiduciary obligations by abiding with the requirements of the Scheme Deed. The Trustee has assisted in the review of this prospectus to ensure that its contents are consistent with the provisions of the Scheme Deed.
The Trustees have no current or pending material litigation and arbitration filed as at the date of this Prospectus.
Mr. Inia Naiyaga – Chairman
Mr. Inia Naiyaga is a Chartered Accountant (CA), a Life Member of the Fiji Institute of Chartered Accountants, a Fellow of the Fiji Institute of Bankers (FFIB) (Hon) and was a Fellow of the Australian Institute of Company Directors (FAICD). He was a Central Banker for 40 years. He retired as the Deputy Governor of the Reserve Bank of Fiji in May 2014. Prior to his retirement, he also served as the Deputy Governor of the National Reserve Bank of Tonga for five years. After retiring from the Reserve Bank of Fiji, he served as the Executive Director of the Fiji Development Bank from March to November 2017 and as the Managing Director of SUN Insurance Company Limited from June 2018 to December 2021. He has served as the Chairman of the Insurance Association of Fiji, a Board Member of the Fiji Development Bank, Energy Fiji Ltd, National Fire Authority, and Transparency International – Fiji Chapter, and as the President of the Fiji Institute of Chartered Accountants. Currently, he is the Chairman of the World Harvest Institute, a member of the University of the South Pacific Finance and Resources Committee, a Board Member of the Christian Mission Fellowship International, Chairman of his village company, Namuka Nakelo Holdings Ltd and former Chairman of SUN Insurance Company Ltd.
Mr. Vula Vakacegu – Director
Mr. Vula Vakacegu is a retired civil engineer with 45 years of experience. He began his career in public service with the Public Works Department (PWD) in 1973, rising through the ranks to serve as Acting Permanent Secretary for Transportation and Civil Aviation from September 2002 to January 2004. He subsequently returned to PWD as Acting Secretary (Operations), a position he held until December 2009. In May 2010, Mr. Vakacegu joined the Water Authority of Fiji (WAF), where he held various managerial roles until his retirement in October 2018. Prior to his retirement, Mr. Vakacegu served on numerous boards, including the Construction Industry Training Board, Major Tenders Board, Maritime & Ports Authority of Fiji, Air Terminal Services Ltd, Land Transport Authority, Civil Aviation Authority of the Fiji Islands, and the Fiji National Road Safety Council. He currently serves as a Director on the Water Authority of Fiji Board.
Mr. Deve Raori Toganivalu – Director
Mr. Deve Toganivalu is a retired banker with 42 years of experience, the majority of which was spent at the Fiji Development Bank, where he rose through the ranks to become Chief Executive Officer, a position he held from October 2008 till he retired in March 2017. Prior to his retirement, Mr. Toganivalu served on the boards of the Coconut Industry Development Authority (CIDA) and the Fiji Sugar Corporation (FSC). He has graduated in Bachelor of Commerce in Management & Finance from James Cook University of North Queensland (Aust.) and is also an Honorary Fellow at the Fiji Institute of Bankers. He currently serves as a Director of Gaunavou Investment Co. Pty Limited and as a Trustee of the Methodist Church in Fiji Holding Trust.