There has been a 16 per cent growth in the number of unitholders at the Unit Trust of Samoa (UTOS) despite the tough economic environment in Samoa.

Details of the growth amid an economic meltdown in Samoa, brought on by the COVID-19 pandemic since March 2020, were released by the Trust at its 11th Annual General Meeting (A.G.M.) to unitholders last Friday.

A statement released by the UTOS management on Wednesday stated that the AGM was well attended with members participating in person or proxy at the venue and also virtually via an online video link.

A total of 129 unitholders holding up to 42 million units representing 51 per cent of total units registered, participated in the AGM.

The Trustees made their remarks during the meeting and highlighted the critical aspect of their independent role. 

Their core responsibility is to ensure that the unitholder funds are secure and investment decisions are in line with unitholders’ best interests to earn optimal returns. 

The Trustees reiterated the importance of their role as watch-dogs and stated that all the work carried by UTOS (Management) Limited was in accordance with relevant legislations and guidelines and emphasised that no insider trading occurred during the period.

The keynote address was delivered by the Minister of Finance, Mulipola Anarosa Ale Molioo, where she spoke of the first Pathway for the Development of Samoa (PDS) FY2021/2022 – FY2025/2026 formulated by the Government to guide its socio-economic development over the next four years. 

The Government’s aspiration is to “nurture growth that benefits all of our people”, hence the main priority for this PDS is human development, according to the Minister. 

She said when Samoan families are well developed, our villages and churches will progress and have a ripple effect on the country as whole to lead to positive growth.

One of the reasons why UTOS was set up, is to provide opportunities for all Samoans to invest their funds for better returns, the Mulipola added. 

Returns from the UTOS were capitalised by some unitholders, either to inject more resources to their existing businesses or develop new business interests, which has contributed to the development and the economy of Samoa.

The Minister also spoke on the challenges faced by the Trust fund resulting from the pandemic and increasing threats posed by climate change. Despite this, the Trust continues to deliver positive results and for that she commended the Trustees, Board and Management and especially the unitholders for maintaining their trust in UTOS.

The UTOS Chief Executive Officer, Tevaga Viane Tagiilima then did a brief presentation on main decisions undertaken by the Board of Directors during the financial year 2021, as well as highlights of achievements accomplished by the Trust. 

Tevaga also presented a detailed explanation of the different existing structures between the Unit Trust of Samoa (Trust) and the Unit Trust of Samoa (Management) Ltd and their governance arrangements.

The Annual Report for the financial year ending 30 th June 2021 was discussed and subsequently passed by the unitholders. 

The unitholders openly raised questions and concerns which were addressed at the meeting and thanked the Board and Management for the work carried out to ensure that their funds are secure as they continue to gain returns despite the challenges of the last two years.

The key highlights of achievements accomplished by the Trust during the financial year ending 30 June 2021 include:

• 16 per cent growth in the number of unitholders compared to FY2020 (FY2020: 3,299).

• The unit price recorded a 10 sene increase during the year (July 2020: $1.66).

• A total dividend of SAT$6.60 million was declared for distribution to unitholders which is representative of a 6.6 per cent increase in distribution compared to the prior year (FY2020: SAT$6.19m).

• The Total Investment Portfolio increased by 3.48 per cent to SAT$164 million at the end of FY2021 (FY2020: $158m).

• Total Income increased by 25 per cent compared to FY2020 as was driven by key portfolio allocation decisions that were made to address impacts brought on by the Covid-19 pandemic (FY2020: SAT$10.4m).

• Overall, the Trust recorded a Net Comprehensive Income of SAT$7.55 million for FY2021 (FY2020: SAT$7.54m).

• The total Net Assets for the Trust as at 30th June 2021 was SAT$139 million (FY2020: SAT$135M).

• The total Assets of the Trust as at 30 th June 2021 was SAT$170 million (FY2020: SAT$164m).

The AGM was convened much later than usual due to the State of Emergency gathering restrictions. The next AGM to discuss the Annual Report for financial year ending 30th June 2022 will be convened at the usual timelines and is tentatively scheduled for November this year.