THE iTaukei Trust Fund Board (TTFB) was established in 2004 to foster the advancement of Fijians and Rotumans and to assist in their long-term, economic, social, cultural, community and political development.
These are the board's mandated objectives as set out in the iTaukei Trust Fund Act 2004. According to TTFB chief executive officer Isoa Kaloumaira, there are two major functional areas the board operated under.
"One is investments and the other one is mandated outlay to ensure that we meet the objectives as outlined in the Act," Mr Kaloumaira told members of the Standing Committee on Social Affairs in his presentation to them on the board's 2015 Annual Report last month.
After briefly outlining the board's investments and other activities of the board during the year, he told members: "By comparison you can see, based on the three-year comparison provided, that over the three years (2013 to 2015) we've been able to build up the assets and capital of the fund while reducing the liability."
An investigation by this newspaper, which supports Mr Kaloumaira's statement, revealed that the fund's total assets — which include investments and properties — had been steadily growing over the past six years in this order (Year, Total Assets $m) as follows:
* 2010 - 78.5;
* 2011 - 79.3;
* 2012 - 84.4;
* 2013 - 89.6;
* 2014 - 95.4; and
* 2015 - 99.1
This was achieved from the initial capital outlay of $40m provided by the Fijian Government to start off the board and help it achieve its mandated objectives.
He told committee members the fund invested in listed securities in the stock exchange here in Suva's South Pacific Stock Exchange including properties in Fiji and also overseas in listed securities in the Australian stock market.
"In summary for 2015, in terms of revenue, we earned around $9.2m, with expenses from ordinary activities of $2.12m, and mandated outlay of over $359k with finance cost of $508k.
"This gives a net profit for the year of $6,229,032 which is a good year for us," he said.
Mr Kaloumaira, when interviewed by this newspaper after the presentation, said he wanted to ensure that the fund was self-sustaining to be able to carry out its mandated objectives.
"We want to ensure that the fund grows and is self-sustaining," he said.