The Supervisory Board
Supervisory Board members include legislators, labor/management stakeholders, representatives of the ministries under whose general supervision the FRR operates (i.e., the ministries of Social Security and of the Economy, Finance and Industry) and individuals with recognized credentials in fields that are relevant to Fund’s stated missions. The Board, which currently counts twenty members, is required to meet a minimum of twice yearly.
Composition
The Board’s twenty members are chosen from among:
- The legislative branch of government (two representatives from the French National Assembly - Assemblée Nationale - and two from the French Senate - Sénat);
- Representatives of social security beneficiaries, designated by general labor and trade unions with nationwide scope (five members);
- Representatives of employers and self-employed workers, appointed by representative employers’ and self-employed workers’ unions (five members);
- Representatives of the executive branch of government (four members, of which one from the Ministry of the Economy, one from the Ministry of the Budget, and two from the Ministry in charge of Social Security);
- Individuals with recognized credentials in fields considered to be relevant to the FRR’s stated missions (two members).
The chairman of the FRR Supervisory Board is appointed from among its members by decree. Since November 24, 2011, Mr. Alain Vasselle has served as chairman of the Board. Mr. Jean Louis Beffa, Honorary Chairman and member of the Board of Directors of Saint Gobain, and Mr. Jean Christophe Le Duigou, Confederal advisor of the trade union CGT, serve as vice-chairmen.
Responsibilities
The Supervisory Board is responsible for:
- Defining, on the recommendation of the Executive Board, general investment policy orientations for the Fund’s assets (Strategic Allocation), in accordance with the objective and timeframe for use of the Fund’s resources, as welll as with the prudent man and risk diversification principles;
- Appointing the independent auditors of the Fund;
- Auditing the Fund’s performance;
- Approving the Fund’s annual financial statements;
- Preparing an annual report on Fund management for public disclosure.
Supervisory Board Committees
Several bodies arise from the Supervisory Board:
- the accounts and audit committee;
- Since 2009, the strategic investment committee (SIC);
- The responsible investment committee (RIC).
Each of these bodies meets an average of one to two times per year.
The SIC is the body with the most frequent meetings, to provide an update on the financial and the economic context, and if needed, to provide opinions on financial management evolution.
