Predictability refers to the consistent and uniform application of the law, including the rules and regulations to implement it. Stakeholders are generally averse to sudden or unannounced changes in contributions to and benefits from the programme. The methodical application of the programme will strengthen stakeholder confidence and support for it.
Members are regularly and promptly informed about the benefits due to them under the social security programme.
The management regularly informs the stakeholders and the general public on the status of the institution and its operations.
The management adopts and abides by a board-approved, workable code of conduct for its officers and staff, which includes a policy on the disclosure and management of conflicts of interest.
The management implements a board-approved policy on disclosure of information. The policy identifies the limited instances when the management may choose to exercise discretion in the disclosure of information to stakeholders.
Open dissemination of key information about the social security institution does not necessarily imply transparency. To be transparent, such information, which is a basic right for stakeholders, members and beneficiaries of the social security scheme, should be timely, reliable, relevant, accurate and objectively verifiable.
The management establishes a code of ethics and a set of standards and benchmarks for its officers and staff.
The management implements board-approved measures to ensure the financial sustainability of each of the social security programmes run by the institution.
For social security institutions that have an investment mandate, the management ensures that it has the technical expertise to manage the investments of the social security institution. In particular, it manages liquid assets so as to guarantee the timely and accurate payment of benefits, in each of the social security programmes run by the institution. Legislation, policy or decree establishes the legal liability of the management and/or its designated agents for fraudulent investments.
The accountability of the management is enhanced by internal and external systems of control.
