![]() Their concerns come amid serious deficiencies revealed by a recent investment governance audit ( A/75/215) substantiating their allegations of conflicts of interest and lack of safeguards in decision-making, among other matters, in the investment office under Rajkumar’s leadership. ![]() The representatives cited a lack of research on how the borrowing would be carried out and related risks, recalling the detrimental role of derivative trading in the 2008 financial crisis. Lopez was referring specifically to the UN representatives’ appeal to the Fifth Committee that it deny a request by Guterres, as the fund’s fiduciary for investments, the authority to borrow money for the fund to invest in derivatives. They stated that this was an earlier plan from Guterres’s former representative for investments, Sudhir Rajkumar, proposed against the advice of the fund’s senior investment officers. Lopez’s letter also accused the representatives of violating staff rule 1.2(j), which requires that staff members “shall not seek to influence Member States, principal or subsidiary organs of the United Nations or expert groups in order to obtain a change from a position or decision taken by the Secretary-General.” 8 to the chair of the Fifth Committee, charging the representatives with unethical conduct, breach of board confidentiality, code of conduct and procedure and violation of board governance. ![]() 2 letter, the board chair, Martha Helena Lopez, one of Guterres’s four UN executive heads representing him on the board and the UN’s assistant secretary-general for human resources management, wrote on Dec. The saga this month has entailed one heated letter after another. In this latest flareup, tensions are bound to intensify unless Secretary-General António Guterres steps in to end a pattern of unsavory actions by the board against the UN participant representatives. The fund has a long history of whistleblowers calling attention to dubious actions and malfeasance by the fund’s leadership that have been later substantiated by internal audits. 2 to the General Assembly body that oversees the fund about their concerns on a range of issues regarding the fund’s administration and governance. MANUEL ELIAS/UN PHOTOĪt the $79.4 billion United Nations pension fund, continuing tensions came to a head this month when the UN participant representatives to the pension board - elected representatives of 85,000 active UN staff members - wrote on Dec. New tensions have flared between the pension fund board, which she chairs, and UN staff representatives on the board. Secretary-General António Guterres swears in Martha Helena Lopez as assistant secretary-general for human resources management, Aug.
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