Clear separation of roles and external asset management

The investment organisation of the Substitute Occupational Benefit Institution differentiates between the roles of "Definition of principles", "Operational implementation" and "Monitoring".

The principles are defined and mandates awarded by the Board of Trustees and the investment committee.

The office implements, or ensures the implementation of, the decisions taken by the Board of Trustees and the investment committee in conjunction with the partners in the capital investment unit and monitors their implementation.

In principle, the decision about which securities to buy or sell is taken by external portfolio managers.

The entire investment activity is monitored with the assistance of external controllers.