This is the first time since the establishment of the two funds to hold such a joint meeting.
As of Dec. 31, 2009, the fund assets for the FSM Compact Trust Fund totaled $163.7 million.
Representing the FSM government were Fabian Nimea, director of the Office of Statistics, Budget and Economic Management, Overseas Development Assistance, and Compact Management, and Aren Palik, president/CEO, Pacific Islands Development Bank.
The RMI was represented by Casten Nemra, chief secretary, and Jefferson Barton, secretary of the Ministry of Finance.
Ambassador Bruce J.D. Linghu of Taiwan joined the RMI delegation since Taiwan also contributed to its fund.
The U.S. government was represented by Nikolao Pula, acting deputy assistant secretary for insular affairs, Department of the Interior, Mark Bezner, senior adviser, Office of Australia, New Zealand, and the Pacific, Department of State, Dr. Bill Gallo, director of the Office of Hawaii and the Pacific Islands, Centers for Disease Control, Department of Health and Human Services, and Jeanette Lim, senior adviser to the director of risk management, Office of the Secretary, Department of Education.
Technical and support staff from RMI and the U.S. government were also in attendance.
The principal purpose of the joint meeting was to interview and hear presentations from respondents to request for proposal for investment advisory services for the funds.
In the last annual trust fund committee meetings in Sept. 2009, both committees decided to reassess every aspect of the funds management to optimize value and attain financial equilibrium.
The financial crisis in 2008 resulted in the two funds sustaining significant losses.
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