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Social Security to Provide Regular Cabinet Reports on Jolly Beach Investment
Monthly and quarterly reporting to Cabinet will form part of the government’s plan to ensure transparency in the Social Security Board’s new investment arrangement linked to the Jolly Beach Resort redevelopment.
Executive Director David Mathias said the reporting mechanism is one of several safeguards to keep the public informed and maintain accountability as the fund becomes a shareholder in the property.
He explained on Government in Motion that the government, not the Social Security Board, is financing the Jolly Beach project and will later transfer equity to the fund.
The arrangement, he said, is designed to generate steady returns from hotel operations and dividends, strengthening the scheme’s cash flow without using contributors’ money.
“It’s not that money is coming out of Social Security and going into Jolly Beach,” Mathias said, adding that the partnership places the fund’s investment portfolio “on the right footing” while preserving public trust.
Mathias said the initiative forms part of a wider strategy to build sustainable, income-producing assets to help offset rising pension liabilities. He also noted that the government will expand the fund’s investment committee to include banking and valuation experts, reinforcing oversight and governance standards.
The Jolly Beach arrangement, he added, aims to support both the tourism sector and the long-term solvency of the country’s social safety net.
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