曝光臺 注意防騙 網曝天貓店富美金盛家居專營店坑蒙拐騙欺詐消費者

400
600
800
1000
1200
2005 2006 2007 2008
Pension Fund assets & liabilities
€ millions € millions
Assets
Liabilities
EUROCONTROL Pension Fund ANNUAL REPORT 2008 9
1.4 Activities of the Supervisory Board
Investment related activities
In addition to the revision of the investment strategy (Section 1.3), the Board monitored the investments on a
regular basis and took measures regarding the asset allocation to protect the Fund’s assets in times of financial
crisis (Section 1.3). The Board kept regular contacts with the asset manager, Vanguard Investments Europe,
via the Fund Executive Officer.
The Board planned to launch a call for tender for the management of the assets of the Fund. The reasons for
the call for tender are firstly the new categories of investments introduced in the revised investment strategy
and which are not included in the agreement with Vanguard, secondly the termination of the agreement with
Vanguard in 2010, thirdly the will to spread the investments on several asset managers. A subgroup was tasked
to monitor the call for tender process, with the objective to submit an interim report to the Board in March
2009 and a proposal for a call for tender in May 2009 for issuance mid 2009 and implementation of the new
contracts in the first quarter of 2010.
Actuarial balance
The Board monitored the actuarial balance of the Fund and discussed the annual actuarial study results with
the Actuary, which enabled the Board to assess the sufficiency of the level of contributions to the Fund and to
make recommendations in this respect to the Provisional Council (see Section 1.6 ‘Actuarial Position’ hereafter).
Accounts and audit
The Internal Audit Unit and the Audit Board had issued two reports on the Fund in 2007, of which the recommendations
dealt with the governance of the Fund, the investment strategy and administrative and accounting
aspects. These audits proved to be a beneficial exercise for the Fund and the Board had agreed on the recommendations
and monitored their implementation in 2008.
The Supervisory Board reviewed and approved the annual accounts 2007 and the Audit Board issued an unqualified
audit opinion on them. The Permanent Commission gave a discharge to the Supervisory Board and
the Fund Executive Officer for the year 2007 on 13.08.08 (Measure No. 08/142).
Reporting to PC
The annual report 2007 was issued to the Provisional Council on 02.07.08. The Vice-Chairman of the Board
presented a report to the Provisional Council at its 30th meeting in November 2008. This report addressed the
investment strategy and investments performance, the actuarial position of the Fund, and the Board’s activities
in 2008. The Fund Executive Officer made a presentation to the PC President Bureau on 16.10.08.
Revision of the Regulations of the Fund and of the Rules of Procedure of the PFSB
As explained in Section 1.2, the Regulations of the Fund were revised in 2008. The Supervisory Board also
reviewed its rules of procedure to bring them into line with the amendments made to the Regulations of the
Pension Fund, include a clause on any conflicts of interest involving members of the Board and rationalise
certain organisational provisions.
10 EUROCONTROL Pension Fund ANNUAL REPORT 2008
Improvement of communication
The OECD’s best practices on pension fund governance recommend regular communication with fund participants
and beneficiaries by the fund’s supervisory board or executive officer. Furthermore, a number of staff
members had over recent years expressed a wish for better communication on the Fund. The Supervisory
Board has therefore asked the Fund Executive Officer to publish a bi-annual newsletter setting out in layman’s
terms the financial situation of the Fund and the most important developments over the period.
An intranet site has been developed for the Pension Fund. It contains reference documents relating to the
Fund, information on investment strategy and performance, the minutes of the Supervisory Board, the annual
reports of the Fund, actuarial studies, newsletters, presentations, etc.
Resources in support to the Fund
The workload involved with the administration of the Pension Fund and the accounts has increased considerably
over the years. In 2007, the Board requested the Agency to dedicate additional resources in support to
the Fund to ensure an appropriate administration. The Agency replied positively to this request in 2008 and
appointed a full time Fund Executive Officer as from 01.04.08.
Mr Gerard Krol, appointed Head of the Central Secretariat, remained Secretary of the Supervisory Board until
31.12.08. As of 01.01.09, Ms Katia Camarena took over as Secretary of the Supervisory Board.
　
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