For more than a year, there has been a vacant spot on the board of the Autonomous Fund for Social Security Protection (Fapp), following Ricardo Matte's resignation as a council member of this autonomous and technical body, which was created by the pension reform and began its operations last August.
But that could change soon: this week President José Antonio Kast sent an official letter to the Senate requesting agreement to appoint Augusto Iglesias Palau, former commissioner of the Financial Market Commission (CMF), as the new council member of the Fapp, who left the regulatory body just over a month ago after his term expired.
If the Upper Chamber gives its approval, Iglesias would become the fifth council member of the institution, which is currently chaired by Enrique Marshall and also includes council members Rosario Celedón, Rodrigo Caputo, and Soledad Huerta. Furthermore, he would hold the position until August 2029, a period that would have remained for Matte had he stayed at the Fapp.
The Fapp's board is composed of five council members appointed by the President of the Republic, subject to Senate agreement. Iglesias is a commercial engineer with a specialization in Economics from the Pontifical Catholic University of Chile and holds a master's degree in Economics from the University of California, Los Angeles (UCLA). He served as presidential advisor for the pension reform that pres...
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For over a year, there has been a vacant seat on the board of the Autonomous Fund for Pension Protection (Fapp), following Ricardo Matte's resignation as a council member of this autonomous and technical body in September 2025, which was created by the pension reform and began operations last August. But that could change soon: this week President José Antonio Kast sent an official letter to the Senate requesting approval to appoint Augusto Iglesias Palau, former commissioner of the Financial Market Commission (CMF), as the new Fapp council member. If the Upper Chamber grants its approval, Iglesias would become the fifth council member of the institution, which is currently chaired by Enrique Marshall and also includes council members Rosario Celedón, Rodrigo Caputo, and Soledad Huerta. Furthermore, he would hold that position until August 2029, a period that would have remained for Matte had he stayed at Fapp. The Fapp board is composed of five council members appointed by the President of the Republic, subject to prior agreement from the Senate. Iglesias is a Business Engineer with a specialization in Economics from the Pontifical Catholic University of Chile and holds a Master's degree in Economics from the University of California, Los Angeles (UCLA). He served as a presidential advisor on the pension reform presented by the second government of former President Sebastián Piñera, which was ultimately not approved. Throughout his professional life, he has been a partner and director at PrimAmerica S.A., a consultancy in the economic, financial, and pension areas; a researcher at the Center for Public Studies and the Institute of Economics of the Pontifical Catholic University of Chile; and a professor at various academic institutions in the fields of macroeconomics, industrial organization, and labor economics. Furthermore, Iglesias has provided consulting services to various countries and multilateral institutions in the pension area. He was a member of the commission appointed by President Michelle Bachelet for the pension reform. Between 2010 and 2014, he served as Undersecretary of Social Security. Regarding Matte's resignation from the body last year, it occurred one month after he began his duties because he learned that inherited shares in Bicecorp S.A. (a stake of approximately 0.0000024%, equivalent to $64,500) could represent an obstacle to holding the position. And this was not the first time a problem arose with members of the new body. The appointment of economist Soledad Hormazábal as a council member had to be withdrawn due to a disqualification related to her spouse, Eugenio Cisternas, who is CEO and founder of SoyFocus, because the regulation prohibits ownership in a General Fund Administrator (AGF) and extends this requirement to the closest family group. Thus, the seat originally intended for Hormazábal was later assigned to Rosario Celedón. NEWSLETTERPulso PM Monday to Friday, 12:30 PM The most relevant in markets, companies, and business: timely information, context, and content to make better decisions. By subscribing, you are accepting the Terms and Conditions and the Privacy Policies of La Tercera.