Fonds de Compensation GOVERNANCE
The Board of Directors is FDC's governing body. In carrying out its functions, he is assisted by an investment committee as well as a real estate committee. FDC's administration is itself ensured by the different services of the National Pension Insurance Fund.
FDC's governing bodies
Board of Directors
The Board of Directors represents and manages FDC in all matters not expressly assigned to other entities by law and regulations. Thus, it:
- establishes the Rules of Procedure and the directive concerning the principles and rules of asset management;
- decides on the annual budget, the annual statement of income and expenditure as well as the balance sheet.
The Board of Directors consists of four delegates representing the employees, four delegates representing the employers, three members appointed by the Government in Council and the Chairman of the Board of Directors of the National Pension Insurance Fund. The latter also chairs FDC’s Board of Directors. The Board of Directors may also set up commissions and engage the services of experts.
The asset management directive defines the principles and rules for the administration of the assets entrusted to FDC, the concept of supervision and monitoring of FDC's investments as well as the tasks and competences to be respected by the various actors of FDC.
In addition, the Board of Directors set up a Code of Ethics to be applied by FDC’s governing bodies and collaborators.
By law, the effective members of FDC’s Board of Directors are also directors within FDC’s SICAV.
Members of the Board of Directors
State representatives
- Alain Reuter, Président
- Cynthia Monteiro
- Claude Rumé
- Annick Sunnen
Employee representatives
- Pitt Bach
- Gabriel di Letizia
- Carlos Pereira
- Serge Schimoff
Employer representatives
- Jerry Grbic
- Marc Hengen
- Marc Wagener
- René Winkin
Investment Committee
The Investment Committee assisted in the set-up of the SICAV and is now supporting FDC’s Board of Directors in its financial asset investment decisions.
The Investment Committee is composed of FDC’s Chairman or his delegate, an employer representative, an employee representative and three external members. The latter are appointed by FDC’s Board of Directors on the basis of their financial expertise and experience.
By law, the external members of the Investment Committee are also directors within FDC’s SICAV.
Members of the Investment Committee
FDC representative
- Marc Fries, Président délégué
Employee representative
- Serge Schimoff
Employer representative
- Jerry Grbic
External members
- André Birget
- Marc Flammang
- Dr Yves Wagner
Real Estate Committee
The Real Estate Committee was set up by FDC's Board of Directors to prepare its direct real estate decisions and to assist it in the management of these assets.
The Real Estate Committee is composed of two employer representatives, two employee representatives, FDC’s Chairman and a member of FDC’s administration.
Members of the Real Estate Committee
FDC representatives
- Marc Fries
- Alain Reuter
Employee representatives
- Gabriel di Letizia
- Carlos Pereira
Employer representatives
- Marc Hengen
- Marc Wagener
FDC's organisation and administration
The legislation provides that FDC may use the administrative services of the National Pension Insurance Fund in the fulfillment of its mission. The administrative services of the latter are divided into a legal department and an economic department. The administration of FDC is carried out by the various departments of the insurance fund's economic division. Its legal division assists FDC in all legal matters.
The economic division comprises the Accounting and Financial Analysis department, the Loan Management department, the UCI Management department as well as the Property Management and Technical Services department.
The National Pension Insurance Fund's organisational chart
The National Pension Insurance Fund's economic division
The Accounting and Financial Analysis department is in charge of:
- accounting entries and invoice payments;
- pension payments and management of re-credited amounts;
- cash management and short-term financial investments;
- annual budget, year-end statements and draw up of profit-and-loss account;
- preparation of accounting and control documents for the General Inspectorate of Social Security;
- supervison of the evolution of contributions and contributors.
The Loan Management department is responsible for:
- management of mortgage loans to individuals, private sector loans (small and medium-sized companies) and public institution loans;
- preparation of semi-annual instalments as well as verification of invoices and tax certificates;
- monitoring and management of unpaid bills;
- administrative control and management of mortgages and insurances.
The UCI Management department is in charge of:
- supervision of the custodian bank and the central administration;
- monitoring and control of the activities of the portfolio managers;
- implementation and monitoring of the investment strategy;
- supervision of investments and risk management;
- implementation and monitoring of the responsible investor policy;
- preparation and execution of tenders relating to the SICAV.
The Property Management and Technical Services department is responsible for:
- management of the direct real estate portfolio;
- technical planning and coordination of construction and renovation projects;
- technical, financial and administrative management as well as supervision of direct property projects;
- supervision of rental leases and monitoring of annual breakdowns;
- building and tenant relations management;
- preparation and execution of tenders relating to direct real estate.
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