FRR's organisation

Departments and staff

The FRR’s departments

The Finance Division made up of three departments:
  • The Asset Allocation Department is responsible for functions dedicated to the long-term investment strategy and is in charge of managing the FRR’s tactical allocation and its exchange rate risk;
  • The Allocation Advisory Department is in charge of managing the FRR’s tactical allocation and its exchange rate risk;
  • The Delegated Management Department is responsible for managing the process for selecting outside asset managers and also for overseeing all of the FRR’s asset management mandates. This includes analyzing portfolio performance and ensuring that managers carry out all of the investment services for which they are responsible under the terms of their mandate. He is also in charge of investment in UCITs, of monitoring venture capital and socially responsible investments.
Operations and Risks Division has five departments:
  • The Performance and Risks Control Department is responsible for supervising the Fund’s financial risks and for preparing the work of the Risk Committee.
  • The Middle Office Department is responsible for the operational aspects of the relationship with asset management firms and other external service providers, as well as for coordinating second-level internal control. It also oversees the production of internal reporting and calculation, performance analysis and global and individual attribution.
  • The Human Resources and Management Control Department is responsible for the operational management of human resources and management control, and deploys the Fund’s own social and environmental responsibility program.
  • The Information Systems Department, Organisation and Projects.
  • The Operational Risks Department.

The cross-disciplinary services

The following cross-disciplinary services report directly to the Executive Board:
  • the Legal and Communication Division manages the legal aspects of the FRR’s mandates and service agreements, particularly in connection with selection procedures, as well as the voting of proxies for the FRR. It is responsible for the communication of the fund.
  • the Internal Accounting.

The FRR has a designated accounting officer who is responsible for Fund accounting, including the maintenance of accounting records and all relevant supporting documents and vouchers. Acting on instructions from the officer responsible for authorizing appropriations, the accounting officer is responsible for recording Fund revenue and appropriations. At the end of each fiscal year, he draws up an annual financial report, which is subject to an audit by the government financial comptroller, as well as the French Government Audit Office (Cour des Comptes), the French Tax Inspectorate (Inspection Générale des Finances) and the Social Security Inspectorate.

Following a bidding process that was conducted in December 2014 in accordance with the procedures governing negotiated contracts, the Supervisory Board appointed in June 2015 two accounting firms to serve as the FRR’s independent auditors for a six-year term (Mazars and Grant Thornton).

The independent auditors are responsible for certifying the annual financial statements and drafting a report based on a limited examination of the interim financial statements. These firms have also been commissioned to assist the FRR accounting sub-committee, chaired by Jean Louis Beffa, one of the two vice-chairmen of the Supervisory Board. This sub-committee, established in accordance with the Fund’s internal operating policies and procedures, is responsible for preparing the Supervisory Board’s proceedings on the approval of the annual financial statements. It also assists the Board in its review and audit of these disclosures. The accounting sub-committee was formed in July of 2003 and participated in the process of selecting independent accountants for the FRR.

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