ITALY - Collective participants joining open Italian pension funds will now be able to nominate administrators, pension watchdog COVIP said.
Following a consultation started in July, COVIP decided in all cases in which at least 500 participants collectively sign up to open pension plans, two additional committee members would be nominated, doubling the number of administrators currently overseeing the plans.
Open pension plans cover generic groups of participants, such as the self-employed. They are offered by banks, insurance companies or investment management companies.
One committee member will represent the sponsor company and the other one will represent the employees.
Administrators will be nominated for three years and can't serve for more than three consecutive terms.
COVIP also stated the representatives need to be selected among those administrators regularly registered at the Consob - the Italian financial services authority.
Open pension plans will need to comply with the new rules by April 30, 2010.
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