S.H.C. replaces two board members
Tuilaepa Eti Faaolotoi has been appointed to continue as the Chairman for the Samoa Housing Corporation (S.H.C.), while the organisation's board was reshuffled by Cabinet.
The Chairman's continuation was confirmed in a Cabinet Directive issued last week.
The S.H.C. was established for the principal purpose of lending money for residential housing development and administering the Government’s rental housing portfolio.
Its Chief Executive Officer, Mata’utia Rula Levi, is an ex-officio member who does not vote on the board as per policy.
The new members are Sosefina Tualauta Tualaulelelei and Alaiasa Schwartz Hunt. They replace Rev. Siaosi Salesulu and Tuiloma Sina Retzlaff.
Tuialii Ropeti Chan Cheuk and Jason Annandale were re-appointed to the S.H.C. board.
Last December, Government reduced the number of directors on Government boards, a cutback that is expected to save an estimated $1 million tala a year in directors' fees each year.
The Government currently spends $3.6 million on director fees per annum.
In legislation to be tabled before Parliament, the size of the average Government board will be reduced from seven to five across all 27 Government agency boards.
The compensation for a Government Board director is currently $18,500 a year. A chairman receives $22,500.
The Ministry of Public Enterprises oversees all agencies' Boards.
The Samoa Housing Corporation recorded a profit of $1.2 million for the 2018 financial year, which is an increase from $1.09 million recorded in the previous financial year.
At the time C.E.O. Matautia described 2018 as a successful year, but challenged the organisation to continue to lead in terms of financing affordable homes and rental properties.
“The financial year 2018 has been successful and challenging as the Corporation persistently pursued its strategic direction in its mission of being dynamic leader in financing affordable homes and rental properties," she said.
“This vital role in providing reasonable financial assistance has enabled accessibility of people not usually eligible for loans in commercial banks and remarkably served the legislated social interest of the Corporation".
The C.E.O. attributed the organisation’s success to the prudential management of the organisation:
“Significant results reached this year were the outcome of prudential management. The growth of the portfolio to $48.4 million reflected a rise of six percent from [Financial Year] 2017.”