Gov. Benigno R. Fitial withdrew his re-appointment of Sixto K. Igisomar to serve on the NMI Retirement Fund board on Thursday, a few days before his nomination expires on Sunday amid some senators\u2019 strong opposition to his re-appointment.<\/p>\n
Had the governor allowed the 90-day period to lapse without recalling Igisomar\u2019s re-nomination, the governor could not re-appoint Igisomar to the same position.<\/p>\n
Sen. Frank Cruz (R-Tinian), chairman of the Senate Committee on Executive Appointments and Governmental Investigations, said yesterday that the EAGI panel had already made known its position to recommend full Senate rejection of Igisomar\u2019s nomination.<\/p>\n
Press secretary Angel Demapan, when asked for comment, said the Fitial administration recalled Igisomar\u2019s nomination \u201cin an effort to afford the EAGI the time it needed to further review documents relative to Mr. Igisomar’s previous term on the Fund board.\u201d<\/p>\n
\u201cIn renominating Mr. Igisomar to serve a second term, the administration strongly believes that he can continue to be a tremendous asset especially at this very critical juncture of the NMI Retirement Fund,\u201d Demapan said.<\/p>\n
He also said Igisomar has faithfully served on numerous boards and commissions. <\/p>\n
\u201cWith this recall, Gov. Fitial is hopeful that the EAGI may be able to conduct its review and favorably consider Mr. Igisomar to once again represent the Carolinian community on the board of trustees should the opportunity present itself again,\u201d Demapan added.<\/p>\n
The Senate, by holding off action on the contentious EAGI Committee report, almost just allowed the 90-day period to lapse without acting on the governor\u2019s nomination. <\/p>\n
Senators said the 90-day period was supposed to lapse on April 29. Fitial withdrew the renomination on April 26.<\/p>\n
On Jan. 30, Fitial renominated Igisomar to serve another four-year term on the Fund board representing Carolinians. Igisomar used to chair the Fund board. His appointment requires the advice and consent of the Senate.<\/p>\n
Senate President Paul Manglona (Ind-Rota) acknowledged receiving Fitial\u2019s letter on Thursday but declined to comment on it.<\/p>\n
The EAGI report said Igisomar is \u201coverloaded with the two time-consuming positions, as it is understandably difficult to oversee a principle (sic) government agency and the assets of a depleting pension plan.\u201d<\/p>\n
Igisomar is the current Department of Commerce secretary. He used to serve both as Commerce secretary and Fund board chair.<\/p>\n
Cruz’s committee also said that as chairman of the Fund board, Igisomar \u201cfailed to take action on the breach of contract of the Retirement Fund’s computer software system against the contractor.\u201d<\/p>\n
The EAGI panel was referring to businessman Gary Sword and his Express Electronics. The Fund only recently sued Sword and Express Electronics for their allegedly defective pension software that has already cost the Fund $406,060.<\/p>\n
Cruz’s committee was also \u201cdisappointed\u201d with Igisomar’s submission of documents detailing the exorbitant costs for legal fees associated with the Fund.<\/p>\n
\u201cThe committee finds it very disturbing that Mr. Igisomar did not monitor such expensive legal fees, a prudent practice that a trustee must have during these economic times. Furthermore, a trustee’s fiduciary role should focus on the management of investment decisions, which should be made solely in the interest of the participants and beneficiaries,\u201d the panel said.<\/p>\n
Cruz, in an interview yesterday, said lawmakers were also disappointed that the Fund kept under wraps its plan to file a Chapter 11 bankruptcy.<\/p>\n
\u201cThe Senate, especially Sen. Taimanao\u2019s committee, has been working with the Fund but for them to keep the bankruptcy filing a secret until after they filed it is disappointing,\u201d Cruz added. <\/p>\n","protected":false},"excerpt":{"rendered":"
Gov. Benigno R. Fitial withdrew his re-appointment of Sixto K. Igisomar to serve on the NMI Retirement Fund board on Thursday, a few days before his nomination expires on Sunday amid some senators\u2019 strong opposition to his re-appointment.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-160863","post","type-post","status-publish","format-standard","hentry","category-local-news"],"_links":{"self":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/160863","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/comments?post=160863"}],"version-history":[{"count":0,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/posts\/160863\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/media?parent=160863"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/categories?post=160863"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.saipantribune.com\/index.php\/wp-json\/wp\/v2\/tags?post=160863"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}