Board Governor Gerry Cruz Says The Offer Still Stands

By Jeff Marchesseault

GUAM - A local board governor of a regional fudiciary association says his organization has reached out to the Guam Legislature in the past to sponsor ethics seminars for lawmakers but has never been taken up on the offer.

Community First Federal Credit Union President Gerry Cruz is also with the Asia Pacific Association of Fiduciary Studies (APAFS).

He tells Guam News Factor that at one point, APAFS was ready to fly out a USDA expert on ethics who taught graduate school courses, plus an expert witness on government fraud cases.

"What we try to teach is that fiduciaries need to be involved in the process as well as the results. In terms of the [Guam] Retirement Fund, we need to hold our investment managers to a higher standard," said Cruz. He said top elected officials too must protect themselves, their actions and the public interest with safeguards and controls by "living those standards."

According to Cruz, APAFS seeks to develop stronger fiduciary systems within governments, private funds and large organizations from Guam to Alaska as a way to establish high ethical standards.

"The mechanisms are the same, the stakeholders may be different," he said.

Perhaps now, in the midst of the ethical questions facing the Legislature, it is time for our senators to take Cruz and APAFS up on their offer.

Here is a recent news release from APAFS announcing the group's recent Board of Governors election and an upcoming election of officers:

November 24, 2009

Nonprofit Fiduciary Association Announces New Board Of Governors For 2009-10

(Hagatna, GUAM) – The Asia Pacific Association for Fiduciary Studies (APAFS) recently held elections for its Board of Governors for the two-year term from 2009-10. The successful candidates and respective jurisdictions are:

2009-10 Board of Governors

Guam:
Gerard C. Cruz, Government of Guam Employees Retirement Fund
Dave O'Brien, University of Guam
Mary Okada (alternate), Guam Community College

CNMI:
Phillip Mendiola-Long, Marianas Public Land Trust
Mark A. Aguon, Administrator, Northern Marianas Islands Retirement Fund
Vicente M. Babauta (alternate), Northern Marianas College Foundation

Federated States of Micronesia:
Anna Mendiola, FSM Development Bank
Alexander R. Narruhn, FSM Social Security Administrator
Andrew Yatilman (alternate), Satawal Trust Fund

Republic of the Marshall Islands:
Ron Cenicola, National Telecommunications Authority
Minister Jackson Ading, Ministry of Finance
Benjamin Graham (alternate), Graham Counseling

Republic of Palau:
Patrick U. Tellei, Palau Community College
Kerai Mariur, Ministry of Finance
Mark U. Rudimch (alternate), Senate, OEK

Multinational:
Aren Palik, Pacific Islands Development Bank
Masa-Aki Emesiochl, College of Micronesia-Land Grant
Sergie Ferrer (alternate), SDA Southern Asia-Pacific Division

U.S. Mainland:
Raaj Kurapati, University of Alaska

APAFS is a non-profit educational and charitable association, founded for and by representatives from public and private institutional investment funds from around the Asia Pacific region in 2000.

"Today, effective corporate governance means establishing and ensuring that all individuals doing business with our respective organizations share a common compliance to a code of ethics and responsibility, " says Daniel A. Roland, APAFS Executive Director. "As 'Guardians of Trust,'" we need to ensure that we secure the assets we are entrusted to protect with the same intensity we would secure our personal assets. The Asia Pacific Association for Fiduciary Studies is the regional resource to help achieve this goal."

Members of the organization's Board of Directors are voted on by all paid APAFS members. The two members who receive the highest number of votes from each the Republic of Palau, the Federated States of Micronesia, Guam, Commonwealth of the Northern Marianas Islands, and the Republic of the Marshall Islands, are elected to the board. Once seated, they establish policies and plans for the association. Nominees receiving the third highest number of votes are deemed alternates in the event on of the other two members from each territory are not available.

APAFS holds an annual conference, the Pacific Region Investment Conference, as its main educational resource for its members. Upcoming election of officers for this year's term and the Board of Governor's meeting for the organization will be held at the Fiesta Resort on Guam on Wednesday, Dec. 9.

For more information, visit www.apafs.org, where APAFS's goals and objectives are listed. Interested parties can also email This e-mail address is being protected from spambots. You need JavaScript enabled to view it for details on membership.

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