The Unit Trust of Samoa (U.T.O.S) Management Ltd has reported it is struggling to make a profit.
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In its response for the government to the Government Administration Committee on its Annual Report for the 2013/14 financial year, its
C.E.O. Sau Fiapaipai Justina Sau says this is the reason they have not sought a more suitable location for the Trust’s office.
Tu’u’u Anasii Leota serves as the Committee’s Chairperson.
“Our Management has completed its review of the Parliament Committee regarding the Annual Report of the Unit Trust of Samoa (Management) Ltd as submitted to our office on March 31, 2014."
“We wish to submit our responses to the recommendations provided by the Parliament Committee in its report. Our responses are detailed below,” she writes.
“The Management has noted the recommendation to seek a suitable location to relocate the office."
“However, the current financial status of the Company is not strong and management has given priority to achieving a profit in order to comply with the requirements of the Public Bodies Act 2001."
“The Company is currently using the I.T. server and employees of the Ministry of Finance."
“This is done because the Company did not have the funds to purchase its own I.T. server and employ its own I.T. personnel."
“It is planned to wait until the new proposed Ministry of Finance building is constructed, then the office of the company can be relocated into that new building.”
According to the Trust’s website, U.T.O.S. is an initiative of the Government of Samoa mandated under the Unit Trusts Act 2008, whose goal is to provide ‘an investment vehicle for an ordinary Samoan out in the village, a small farmer or fisherman’.
“The establishment of the Unit Trust of Samoa was approved by the Minister of Finance on March 2, 2009 as required by section three of the Unit Trusts Act 2008,” the site reads.
“The Trust is an opportunity for small investors to access a range of investments while at the same time spreading risk and leaving the management of their savings in the hands of experts."
“It is also a part of the Government’s policy of partially privatising some state owned enterprises (S.O.E.’s) and promoting wider participation by residents in the future development of Samoa."
“In U.T.O.S., the money of investors is pooled together and invested on their behalf by a professional manager.”
In addition to Tu’u’u, Aeau Peniamina Leavaiseeta served as the Committee’s Deputy Chairperson, and Muagututagata Auimatagi Peter Ah Him, Motuopuaa Aisoli Vaai, Lautafi Fio Selafi Purcell, Fagaaivalu Kenrick Samu, Tapuai Toese Ah Sam served as members.
The response is republished in full below:
4 April 2014-07-07
Honorable Faumuina Faaolatane
Tiatia Liuga
MINISTER OF FINANCE
RESPONSE FOR THE GOVERNMENT TO THE P.P. 2013/2014 NO. 83, GOVERNMENT ADMINISTRATION COMMITTEE TO THE P.P. 2013/2014 NO.3, UNIT TRUST OF SAMOA (MANAGEMENT) LTD ANNUAL REPORT AS AT 30 JUNE 2012
Our Management has completed its review of the Parliament Committee regarding the Annual Report of the Unit Trust of Samoa (Management) Ltd as submitted to our office on 31st March 2014.
We wish to submit our responses to the recommendations provided by the Parliament Committee in its report. Our responses are detailed below:
1. The Management has noted the recommendation to seek a suitable location to relocate the office. However, the current financial status of the company is not strong and management has given priority to achieving a profit in order to comply with the requirements of the Public Bodies Act 2001. The company is currently using the IT server and employees of the Ministry of Finance. This is done because the company did not have the funds to purchase its own IT server and employ its own IT personnel. IT is planned to wait until the new proposed Ministry of Finance building is constructed, then the office of the company can be relocated into that new building.
2. The management agrees and supports the recommendation to continue awareness programmes and plans to attract potential local and overseas investors.
3. The management agrees and supports the recommendation to consider together with the Board of Directors stable partnership between UTOS and other companies.
Overall, management believes that the report is acceptable given the situation and status of the company during the period covered under the Annual Report that is being reviewed by the Committee. We would like to convey our sincere gratitude to Chairman and members of his Committee for the hard work and efforts put into the preparation of the report.
Ma le fa’aaloalo tele,
Justina Sau
CHIEF EXECUTIVE OFFICER
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