While Taiwan’s Bureau of Labor Funds has steadily increased the share of overseas investments, it has recently adopted a more conservative approach to asset allocation.
Taiwan’s new Bureau of Labor Funds (BLF) chief wants to overhaul its investment operations, and plans to ask the island’s financial regulator to set stricter due diligence for its outsourcing, in a bid to improve the pension supervisor’s image after a corruption scandal involving a former senior official.
The BLF’s internal domestic investment team will also have to regularly report on their transactions to the regulator, according to Director General Yu-Ching Su.
She says the BLF has introduced 12 measures to beef up supervision in four areas: investment processes, operation, management control, and anti-corruption.
“From now on, we will have to thoroughly overhaul investment operation,” she says in a statement on March 10, when she officially became the BLF’s head.
Yu-Ching Su
She replaces Feng-Ching Tsay, who was transferred to the Labour Ministry as a counsellor last month after a bribery scandal at the BLF involving a senior official.
The appointment was first reported by local news media and was confirmed by a BLF spokesperson, who tells
Asia Asset Management that it is effective March 10.
Su was managing director and CEO of the over-the-counter Taipei Exchange between 2017 and 2018. Prior to that, she held various positions at the Financial Supervisory Commission.
She is now an independent director in Taiwanese biopharmaceutical firm PharmEngine Inc.
Lin San-quei, Taiwan’s vice-labour minister, has been heading the BLF in an interim capacity since Tsay’s transfer in February in the wake of the bribery scandal involving BLF’s former domestic division head Yu Nai-wen.
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