ADVOKS GLOBAL · KENYA
National Social Security Fund Act
10. The powers and responsibilities of the Board
Edition: 2022-12-31 · In force
10. The powers and responsibilities of the Board
(1)The Board shall exercise all the powers necessary for the proper performance of its responsibilities under this Act.(2)Without prejudice to the generality of subsection (1), the Board may—(a)acquire, control, and supervise the funds and assets of the Fund in such manner that best promotes the objects for which the Fund is established;(b)impose levies, fees or charges for such services as the Fund may offer;(c)lay down such policies and guidelines as may be necessary for the proper operations and management of all the contributions and funds collected by the Fund and for any other matter concerning the Fund;(d)receive grants, gifts, donations or endowments and make legitimate disbursements;(e)approve contracts, undertakings, hiring of senior staff and other activities entered into by the Management or otherwise undertaken in the name of the Fund whose value requires Board approval;(f)appoint any agent the Board may require or subcontract any person or firm of proven experience in the particular function for which appointment or subcontracting is necessary, to perform any of its functions under this Act;(g)invest any funds of the Fund not immediately required for its purposes in the manner allowed by this Act;(h)out of its own funds and together with funds it may require its employees and officers to contribute, establish and make contributions to pension, superannuation, provident or medical social security scheme for the benefit of its employees or officers and, grant pensions, gratuities or retirement allowances to its officers or employees from the funds established;(i)open and operate an account in a bank, registered building society, the or any registered financial institutions;(j)exercise such other powers as may be conferred upon the Board by this Act or any other written law.(3)The Board shall be responsible for—(a)ensuring that every Trustee—(i)observes the provisions of the Constitution in the performance of his duties under this Act;(ii)acts in the best interests of the Fund and avoids any form of conflict of interest;(iii)acts in good faith and with integrity at all times; and(iv)exercises care and skill, due diligence in the conduct of the affairs of the Board and demonstrates commitment in serving the Board;(b)enforcement of good corporate governance practices within the Board and senior management;(c)formulation of strategy and policies of the Fund in accordance with this Act and best practices of good corporate governance;(d)effective leadership of the Fund and guidance of the Management in their day to day management of the Fund;(e)protection of the funds, property and assets of the Fund;(f)the effective administration and implementation of this Act; and(g)doing all other things as are necessary to give effect to the provisions of this Act.(4)In the performance of its responsibilities under this Act, the Board shall be accountable to the members of the Fund.(5)The seal of the Fund shall—(a)be authenticated by the signatures of the Chairperson and the managing trustee; and(b)where the Chairperson or managing trustee is absent, be authenticated by any Officer of the Fund and Trustee of the Board duly appointed by the Board for that purpose, on behalf of either the Chairperson or the Managing Trustee.