Part of the structure of the mixed pension system that Chile approved earlier this year is the Creation of the Autonomous Fund for Pension Protection (FAPP). This vehicle, dedicated to ensuring the financial sustainability of the Pension Social Security, will be led by a Board of Directors. And the inaugural members They were already announced by the government.
The currency, as they disseminated through a statement, proposed to five professionals, who They must be approved individually by the Senate. However, the instance must be constituted for August 1 of this year.
The former banker Enrique Marshall And the expert in pension matters Hormazábal Soledad They were designated for a period of six years. For its part, the academic Rodrigo Caputo He was appointed for five years and the company director Ricardo Matte for four. The group completes it Soledad Huertalawyer linked to the bank that was designated for three years.
“As can be seen, a advice with a technical profile and with professional complementarities each other. In this way, there are experts in financial regulation, such as Enrique Marshall; in pensions, as is the case of Hormazábal Soledad; in macroeconomy, as is the case of Rodrigo Caputo; in finance and competition, as is the case of Ricardo Matte; and in legal matters linked to the financial sector, as is the case of Soledad Huerta, ”said the Minister of Finance of Chile, Mario Marcelthrough the press release.
Indeed, the proposed council experience shows a variety of activities and sectors.
Enrique Marshall
The professional has a long career in positions of importance in the Andean country. Doctor of Economics, he is former vice president of the Central Bank of Chile – and counselor of the entity for ten years–, former president of the State Bank BancoEstado y ex -banner of banks and financial institutions (actual Commission for the financial marketor CMF), a position he held between 2000 and 2005.
The last two years, the Capital Market Advisory Council.
Marshall also has an extensive story in the banking sector. Worked as an international manager of the Banco O’Higgins In 1994 and Santiago Bank Between 1994 and 2000. Previously, he was general manager of the Central Bank of Chile between 1991 and 1994.
The professional is a commercial engineer of the Universidad de Chile and has a master’s degree and a doctorate in economics in the University of Notre Damein the United States.
Hormazábal Soledad
The researcher is an economist of the Universidad de Chile And he has a magister in public policies, specializing in pension issues. He currently works as a researcher at the Center for Studies Horizontal.
The professional has extensive experience in the public sector, including being part of the Technical table of the pension reform. According to LinkedIn’s professional profile, he served as the economic advisor of the Chile presidential cabinet, between 2021 and 2022, and head of public policies of the Division of Studies of the Ministry of the General Secretariat of the Presidencybetween 2019 and 2021. However, it has also developed pension and financial education programs.
The economist’s trajectory also includes a step through the private sector. He worked as a deputy studies and pension risk of the pension manager AFP Provided And as a pension economist BBVA Research.
Rodrigo Caputo
In the case of Caputo, his career is marked by macroeconomic studies and academia. Has a master’s degree and a doctorate in economics of Cambridge University And he works as an associate professor of the Faculty of Administration and Economics of the University of Santiago de Chile (Usach).
It is specialized in international economy, monetary theory, macroeconomy and economic policy. In addition, he is a member of the Consultative Committee of the Non -Mining Trendial of the Ministry of Finance of Chile and associate researcher of the Social Experimental Sciences Center (CeSS)of the Oxford University and the usach.
Caputo’s academic career – according to his LinkedIn profile – began after a period of 13 years in the Banco Central, where he reached the position of senior economist of the Department of Research. Then taught in the University of Chile, BI Business School BI y Oxford.
Ricardo Matte
This professional, who currently serves as an independent alternate director of the Chilean bottling Coca-Cola Embonorit also comes from the banking world.
For eight years, Matte held the position of general manager of the Association of Banks and Financial Institutions (ABIF). In addition, between 1989 and 1992, he worked as a financial representative of the Central Bank of Chile in North America, based in New York.
In its varied career, its LinkedIn includes roles at the Center for Studies Freedom and developmentthe electric Eneser Chile –Actual Enel Chile–, the industrialist TOGETHER, Hendaya –Lry to the clear group–, Viña Los Vascos, Small Seguros And, more recently, the Fintech Howx.
Matte obtained his mastery and doctorate in economics, economic and monetary economy in the University of Minnesotain the United States.
Soledad Huerta
Armed with a law master -llm– of Georgetown Law, In the US, Huerta’s career has led her to interact with the financial sector.
Recently, and for more than eight years, he worked as a legal manager of Wholesale Banking – negocio that includes wholesale banks, large companies and Comex, among others – of Scotiabank Chile.
Before that he spent four years in the Superintendency of Banks and Financial Institutions (SBIF, which currently forms the CMF), where he held the position of Chief for the Regulatory Banks Unit. There, he directed bank licensing, mergers and inspection of financial entities, among others.
It should be noted that between 2010 and 2015 he participated in the academic activity, teaching banking law and financial classes as the attached teacher of the Universidad de Chile.
Now what?
Now that the government already sent the corresponding trades for nominations to the Congress – complying with the established education and trajectory requirements – it remains to be ratified – one by one – by the Senate.
Once this happens, Minister Marcel said in the press release, “the President of the Republic (Gabriel Buric) will appoint the president of the Council and that President will keep the position for a period of three years. ”
Among the main functions of the FAPP Council stand out:
- Approve the internal operating regulations and basic aspects of the organization, personal and operation of the administrator of the pension fund;
- Ensure the financial sustainability of the FAPP throughout generations;
- Approve the elaboration of technical studies;
- Shows las Bidding bases relative to the administration of investment portfolios;
- Evaluate the performance of the FAPP and also the sustainability risks.
Regarding this last point, the Ministry of Finance explained that the Council composed of the five professionals must send a Annual Report to the Treasury and Labor portfolios, to the Superintendence of Pensions and the Senate Work and Finance Commissions and the Chamber of Deputies.
