APS achieves clean Audit Report on 2022 Financial Statements

June 21, 2023 10:06 am

APS demonstrates compliance and stability despite challenging international market conditions

Cul-de-Sac, Sint Maarten, June 19, 2023: Algemeen Pensioenfonds Sint Maarten (APS) is pleased to announce the publication of its Financial Statements for the year 2022. The statements provide a comprehensive overview of APS financial performance. In a significant milestone, APS has received a clean audit report from independent auditor Grant Thornton Sint Maarten. This recognition affirms that the financial statements accurately reflect APS’s financial position and are devoid of material misstatements.

‘This is the result of consistent hard work, effectively improving processes and the collaboration with government and other stakeholders over the years. This is a well-deserved milestone for APS,’ said APS Adjunct Director Oscar Williams.

Throughout 2022, APS remained focused on prioritizing local investments, actively contributing to the economic development of Sint Maarten. Notable among these investments was APS's financing support to Princess Juliana International Airport. These strategic investments not only align with APS's investment policy but also bolster the growth and progress of vital local institutions.

While the international financial markets experienced fluctuations that impacted the value of APS's investments, it is essential to note that these developments mirrored challenges faced by many in the Dutch Caribbean financial sector. APS, being heavily influenced by the international market, faced negative effects stemming from the Russia-Ukraine conflict and post-pandemic economic stagnation. Nevertheless, APS remains resolute in attaining long-term financial stability, optimizing returns on its international investments, and maintaining confidence in the long-term stability of its portfolio.

Coverage ratio
APS’s coverage ratio decreased from 104.16% to 98.86%. The coverage ratio is heavily influenced by the performance of international investments. Fortunately, the increase in the actuarial interest rate from 3.25% to 3.5% led to a decrease in the Pension Benefit Obligation, thereby positively impacting the coverage ratio and mitigating the adverse effect of the decline in internationally invested assets.

‘This achievement is the culmination of hard work and sheer determination. I applaud our employees who have tirelessly worked towards achieving these goals, having already committed themselves to keep this level of excellence and surpassing it in the years to come,’ said APS Director Nadya Croes-Van Putten.

‘As we celebrate the clean audit opinion on our 2022 Financial Statements, we take immense pride in our commitment to safeguard the interests of our participants and effectively manage our financial affairs. By proactively addressing market fluctuations and implementing strategic adjustments, we are determined to maintain our strong position in providing sustainable pension solutions for all civil servants in Sint Maarten,’ said APS Chairperson Nathalie Tackling.

The entire Financial Statements are published on APS’s website apsxm.org.