Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
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1 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
2 Contents I Organization and Responsibilities Board of Trustees of the Pension Fund Investment Committee Investment Manager Voting Committee 4 II Investment of Assets General Principle 6 III Investment Categories and Instruments Bonds (Including Cash) Equities Real Estate Alternative Investments Foreign Currencies Derivative Instruments Securities Lending Expansion of Investment Options 10 IV Investment Expertise 11 VI Balance Sheet Reporting of Investments (Assets) Accounting Guidelines Bonds and Equities Loans Real Estate Alternative Investments Foreign Currencies Investments in an Employer s Enterprise 18 VII Final Provisions Amendment Proviso Entry into Force Prevailing Text 20 Appendix I 21 Investment Bandwidths and Risk Measures 22 Appendix II 23 Delineation of Powers of Authorization for Direct Real Estate General Principles Investment Activity Real Estate Investments 12 V Compliance Monitoring and Governance Compliance Monitoring Reporting Grid (Frequency of Information) Independence Corporate Governance Integrity and Loyalty of the Responsible Persons 16 Note: The use of masculine pronouns and adjectives to refer to persons or functions in these regulations refers to both men and women. 2 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
3 I Organization and Responsibilities Organization and Responsibilities 4 Board of Trustees of the Pension Fund 4 Investment Committee 4 Investment Manager 4 Voting Committee Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
4 I Organization and Responsibilities 1.1 Board of Trustees of the Pension Fund As the highest governing body, the Board of Trustees is responsible for investments. It defines the investment organization and investment policy within the framework of the Articles of Association and the Organizational Regulations and approves the long-term investment bandwidths and key risk figures. The Board of Trustees elects the members of the Investment Committee and the Voting Committee. The Board of Trustees issues these Regulations and periodically monitors the activities of the Investment Committee and the Voting Committee it has appointed. The Board of Trustees may revoke the competencies delegated to the Investment Committee and/or the Voting Committee at any time. 1.2 Investment Committee The Investment Committee (hereinafter IC ) is the specialist body responsible for the management of the Pension Fund s assets. It prepares investment-related decisions for the Board of Trustees and implements such decisions once they are adopted. The IC sets the investment policy within the framework of the investment strategy defined by the Board of Trustees and makes investment decisions inasmuch as these are not delegated to other bodies. The composition, organization, and decision-making process of the IC are laid down in the Organizational Regulations of the Pension Fund. 1.3 Investment Manager The Investment Manager is appointed by the Board of Trustees. In doing so, the IC s recommendation is taken into account. The Investment Manager manages all investment activities. He acts independently and at his own discretion within the scope of the long-term investment bandwidths and key risk figures approved by the Board of Trustees. The Investment Manager monitors the asset management of the Pension Fund, Credit Suisse AG or agents outside of Credit Suisse Group on behalf of the Pension Fund. The Investment Manager reports to the Board of Trustees and the IC at least once per quarter on the investment activities and on the performance of the total assets. 1.4 Voting Committee The body responsible for exercising voting rights is the Voting Committee. The composition, organization, and decision-making process of the Voting Committee are laid down in the Organizational Regulations of the Pension Fund. 4 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
5 II Investment of Assets Investment of Assets 6 General Principle Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
6 II Investment of Assets 2.1 General Principle The investment objective is to maximize the total return within the risk ability of the Pension Fund and the long-term investment bandwidths defined by the Board of Trustees in accordance with Appendix I. The Board of Trustees and its appointed Investment Committee take all necessary measures to guarantee pension provision. In particular, assets must be invested according to the principles of adequate risk diversification. To achieve this, the assets must be distributed across different asset categories, regions, and economic sectors. The Pension Fund s liquidity holdings must cover the ongoing commitments of the Pension Fund at all times. The key risk figures defined in Appendix I are used as reference values for assessing risk. Upon reaching or exceeding the relevant reference values, the next steps are redefined by the IC and the Investment Manager, whereby the Investment Manager provides the IC with his market assessment and his recommendation for the continuation of investment activities. 6 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
7 III Investment Categories and Instruments Investment Categories and Instruments 8 Bonds (Including Cash) 8 Equities 8 Real Estate 9 Alternative Investments 9 Foreign Currencies 9 Derivative Instruments 9 Securities Lending 10 Expansion of Investment Options Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
8 III Investment Categories and Instruments 3.1 Bonds (Including Cash) Bonds are considered to be liquid non-leveraged nominal investments. If these include alternative investments as defined by the Ordinance on Occupational Retirement, Survivors and Disability Pension Plans (BVV 2), the Investment Committee must be informed. Receivables in accordance with Art. 53(1)(b) BVV 2, loans, receivables with unlimited terms (provided that the issuer has a right of redemption), and portfolios where demonstrably at least 50% of the assets are receivables as defined by BVV 2 and which are sufficiently diverse are deemed to be bonds. Cash is considered to be cash, postal check and bank deposits, as well as money market investments with a maximum maturity of 12 calendar months. Receivables within the meaning of Art. 53(1)(b)(3) (9) BVV 2 must have the following rating requirements: Individual investments have a long-term credit rating from a recognized rating agency or a Swiss commercial bank of at least BB- (S&P)/Ba3 (Moody s) or equivalent. This requirement in the case of collective investment instruments relates to the average long-term rating at the end of the month. The Board of Trustees and the Investment Committee can approve exceptions. Total investments have an average long-term rating from recognized rating agencies or Swiss commercial banks of at least BBB- (S&P) or Baa3 (Moody s) or equivalent. In the case of collective investment instruments, the respective average long-term rating at the end of the month is used. The proportion of investments without a credit rating from a recognized rating agency is limited to a maximum of 30% of the total bond assets of the Pension Fund. Loans may be granted to public sector bodies (e.g. the federal government, cantons, and municipalities) insofar as they have a minimum rating of A or equivalent. Loans to private individuals with a rating lower than A or with no rating at all are only permissible if standard market collateral is available and sufficient diversification is provided (senior loans portfolios and similar); the IC may approve exceptions. 3.2 Equities The asset category Equities includes equities and other traditional investments in companies (participation, dividend-right certificates, etc.) within the meaning of Art. 53(1)(d) BVV 2, provided they are listed or traded on another regulated market open to the public. 3.3 Real Estate In the Real Estate asset category, direct or indirect real estate investments, such as real estate investment funds, real estate investment foundations, and real estate joint-stock companies, are permissible. This applies regardless of whether the real estate in which the Fund is (directly or indirectly) invested is located in Switzerland or abroad. Real estate investments may have the following main usage types: residential, office, retail, commercial, hotels/catering, or special usage (logistics, industrial, residence, leisure, education, research, health care, parking, archiving, storage, etc.). Investments may additionally be held in construction projects that have been approved and are ready for building, as well as in building land suitable for development. In the case of direct real estate investments, preference is to be given to real estate in major agglomerations. The assessment of the location must take into consideration the regional economic factors (employment prospects), demographic trend, residential property market conditions, and quality of life (including public transport connections and the proximity of schools and shops). In principle, the Pension Fund should aim to be the sole owner in terms of management and disposal options. Co-ownership and communal ownership of buildings or parts of buildings are only secondary options. 8 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
9 3.4 Alternative Investments The Alternative Investments category includes all assets that are not bonds, equities or real estate, in particular: hedge funds; private equity; insurance-linked investments; commodities; infrastructure. Alternative investments must be assessed professionally and broadly diversified. Exposure to alternative investments is limited to the initial commitment. There must be no obligation to provide additional coverage. Within the meaning of an investment expansion in accordance with Art. 50(4) BVV 2 and as an exception to the above-mentioned diversification principle, direct investments in individual, unlisted companies up to a maximum of 5% of total assets are permissible, provided that management and monitoring of the investments are appropriately ensured. Within the meaning of an investment expansion in accordance with Art. 50(4) BVV 2, an upper threshold of 30% of assets shall apply to the Alternative Investments category, including the aforementioned direct investments. 3.5 Foreign Currencies The risk management of the Pension Fund s total assets is also effected in terms of active management of the foreign currency exposure (currency management). Accordingly, foreign currencies are regarded as an asset category in their own right. The foreign currency risks entered into in the individual asset categories are assessed in isolation and, where required, can be hedged fully or in part via derivatives and forward currency transactions. Furthermore, an increase in the Pension Fund s foreign currency ratio can be effected via derivatives and forward currency transactions. Within the meaning of an investment expansion in accordance with Art. 50(4) BVV 2, 40% of the assets are deemed to be the upper threshold for the Foreign Currencies asset category. 3.6 Derivative Instruments In principle, the use of derivatives is permitted, subject to the provisions of Art. 56(a) BVV 2 as well as FMIA and FMIO. The derivatives may not have any leverage effect on the total assets. The long-term investment bandwidths and the statutory guidelines must be adhered to on a permanent basis and monitored periodically. The Pension Fund is classified as a small financial counterparty under FMIA. 3.7 Securities Lending The Pension Fund can follow an active securities lending policy (the loan of Pension Fund securities to the global custodian against payment of commission). The objective of securities lending is to generate additional returns. Securities lending is only permissible if it does not prevent the exercise of voting rights (see para. 5.4). Securities lending contracts must be callable at any time with a period of notice of seven bank working days. All suitable securities listed on a Swiss or foreign exchange or traded in an organized market and for which prices are published regularly may be placed on loan. When securities are lent, the ownership or book entry rights to the securities, together with the associated rights, transfer to the global custodian. Conversely, the Pension Fund acquires a claim for restitution of securities of the same type, quality, and quantity. To secure the claim to the restitution of securities of the same type, quantity, and quality, the global custodian undertakes to provide the Pension Fund with collateral in a collateral safekeeping account in the name of the Pension Fund, whose value is always at least 105% of the market value of the loaned Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
10 securities. The collateral permitted comprises interest-bearing bonds from the Swiss federal government, cantons, and municipalities, as well as corporate bonds that have a high credit rating and a current long-term rating from a FINMA recognized rating agency of at least A, A2, or equivalent and that are issued in the countries and the currencies of an EU member state or in the US, Canada, Australia, Norway, Switzerland, or Japan. Mortgage bonds of Swiss mortgage banks as well as mortgage bonds of the Central Mortgage Bond Institution of the Swiss cantonal banks are also permitted. Equities traded on a stock exchange or another regulated market which is open to the public and established in Switzerland, an EU member state, or the US, and which have been issued by companies represented in the main stock exchange indices of the aforementioned countries, are also permitted. Equities and bonds of Credit Suisse Group AG, subsidiaries of Credit Suisse AG, and (international) asset-backed securities may not be used as collateral. Equities from a single issuer may represent no more than 2.5% of the total collateral value and of the market capitalization of the issuer. Corporate bonds may represent no more than 5% of the outstanding issue and of the total collateral value. If the Board of Trustees or Pension Fund Management learns of actions of a borrower, i.e. of a contractual partner of the global custodian, that clearly contradict the corporate governance principles of the Pension Fund regarding the exercising of voting rights for equity investments (see para. 5.4), the relevant securities lent will be recalled. 3.8 Expansion of Investment Options The Pension Fund implements the expansion of investment options in accordance with Art. 50(4) BVV 2 by expanding the limits for alternative investments and foreign currencies. The expansion of investment options is reported in the notes to the annual report. 10 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
11 IV Investment Expertise Investment Expertise12 General Principles 12 Investment Activity 12 Real Estate Investments Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
12 IV Investment Expertise 4.1 General Principles Strategic investment decisions are made by the Board of Trustees. The Board of Trustees defines the long-term investment bandwidths and key risk figures within which the Investment Manager carries out investment activities. The Investment Manager is authorized to mandate agents inside or outside of Credit Suisse Group AG to effect investment activities within the framework of specified limits and detailed investment regulations. The award of mandates to agents outside of Credit Suisse Group AG requires prior approval by the IC. Retroactive approval by the IC within six months is sufficient in cases in which the investment volume is CHF 500 million or less and the agent manages an investment volume of more than USD 30 billion in total. The Investment Manager receives advisory support from the Asset Management Committee (hereinafter AMC ) with regard to implementation of the investment policy. The AMC advises the Investment Manager regarding the short-term investment policy as well as the mandate definition and manager selection. The AMC consists of the following five members: Investment Manager (Chair) Head of Traditional Investments Head of Real Estate Investments Head of Alternative Investments Chief Risk Officer 4.2 Investment Activity The management of investments is the responsibility of the Investment Manager within the framework of the long-term investment bandwidths and key risk figures. 4.3 Real Estate Investments The Delineation of Powers of Authorization for Purchasing and Managing Direct Real Estate pursuant to Appendix II applies to direct investments in real estate. The Head of Real Estate oversees the Swiss Real Estate Investment Manager. The Swiss Real Estate Investment Manager bears responsibility for the entire real estate portfolio (direct real estate investments). He is supported by the Real Estate Portfolio Manager, who reports to him directly. The Real Estate Portfolio Manager serves as the deputy for the Swiss Real Estate Investment Manager. If required, the Investment Manager of the Pension Fund specifies the provisions of the Regulations on Investments for the real estate area by issuing policies. 12 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
13 V Compliance Monitoring and Governance Compliance Monitoring and Governance 14 Compliance Monitoring 14 Reporting Grid (Frequency of Information) 15 Independence 15 Corporate Governance 16 Integrity and Loyalty of the Responsible Persons Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
14 V Compliance Monitoring and Governance 5.1 Compliance Monitoring The Chief Risk Officer is responsible for the daily monitoring of the compliance of securities portfolios, including collateral safekeeping accounts, and the monitoring of real estate transactions (purchase and sale of real estate). Compliance monitoring also includes monitoring of the investment guidelines. The Board of Trustees receives a quarterly report indicating any breaches of the investment guidelines. If there is a breach within a securities portfolio, the valuation and initiation of any measures are the responsibility of the Investment Manager. If the breach is in the scope of the asset component overseen by the Investment Manager himself (e.g. overlay), the Chair of the Investment Committee is responsible for initiating measures. 5.2 Reporting Grid (Frequency of Information) The Pension Fund Management ensures that reports are submitted to the Board of Trustees and the IC without delay once they are issued. The following frequencies apply: Reporting Grid Name Frequency Time line Recipient Ownership Factsheet report Monthly D+5 Board of Trustees Chief Risk Officer Comprehensive report Quarterly D+20 Board of Trustees Chief Risk Officer Actuarial report Annually Board of Trustees Pensions actuary Annual report and notes Annually Board of Trustees Executive Board The following issues are covered in the reports to the Board of Trustees and the IC: Content/Data Sources Name Content Primary data source Factsheet Asset performance Global Custodian Asset allocation Global Custodian Investments in an employer s enterprise Global Custodian Key risk figures Chief Risk Officer Funding ratios Chief Risk Officer Comprehensive report Asset performance Global Custodian Asset allocation Global Custodian Investments in an employer s enterprise Global Custodian Key risk figures Chief Risk Officer Scenario analysis Chief Risk Officer Funding ratios Chief Risk Officer Information on the Pensions actuary liabilities side Compliance monitoring mandate Global Custodian 14 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
15 5.3 Independence The Investment Committee reviews the control framework with regard to investment of assets at least once a year. The manager always has full access to the primary data sources. This ensures that potential conflicts of interest between the investment area and risk management, for example for the purposes of the performance calculation, the distribution of assets and valuations, the disclosure of the investments in an employer s enterprise and compliance monitoring, are disclosed to the appropriate decision-making body in good time. 5.4 Corporate Governance For registered shares, the Pension Fund is entered in the relevant share registers as the shareholder with voting rights. If asset management is delegated to third parties, the voting rights remain with the Pension Fund. The Pension Fund exercises its voting rights in Swiss joint-stock companies in the interest of the insured (Art. 49(a)(2) BVV 2). This is considered to be fulfilled if the voting serves the long-term prosperity of the Pension Fund. As a rule, the Pension Fund s interest is of a financial nature. Other aspects include the long-term prosperity and share price performance of the relevant company. When exercising voting rights, the specific circumstances of the individual case are taken into account. Strict principles are not followed as a general rule; for routine agenda items that are not controversial and do not relate to the points below, the Pension Fund normally follows the proposals of the Board of Directors. The Pension Fund considers recognized codes of conduct for exercising participation rights and good corporate governance as well as recommendations and directives of professional, independent voting rights advisors. The Pension Fund may use professional, independent voting rights advisors, but should not adopt their recommendation without consultation, in particular in the case of controversial topics. For proposals that may have a long-term effect on the interests of the insured, the Pension Fund undertakes to exercise the voting rights. This applies, in particular, to announced proposals that relate to the following points: Election of the members of the Board of Directors, Chairman of the Board of Directors, members of the Compensation Committee, and the independent proxy Changes to the articles of incorporation Compensation of the Board of Directors, the Executive Board, and the Advisory Board Mergers, demergers, conversions, asset transfers, sales of partial areas, and other restructuring measures Changes to the capital and voting rights structure The Pension Fund may abstain from voting if this corresponds to the interests of the insured. The obligation to exercise voting rights also relates to equities held indirectly, insofar as the Pension Fund is granted a voting right. If the Pension Fund uses collective investment schemes (single-investor schemes) or other structures (investment foundations, structured products and similar), it exercises its voting rights or issues corresponding instructions inasmuch as it is authorized to do so under the articles of incorporation of the structure. For foreign companies, it is at the Pension Fund s discretion to waive the exercising of voting rights, unless the size of the holding or other reasons suggest that exercising the voting rights is in the interest of the insured. If there is an obligation to exercise voting rights, the Voting Committee decides on how to exercise voting rights upon the Investment Manager s request. Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
16 As a minimum, the Pension Fund reports to its insured on its voting at least once a year. If it does not comply with the proposals of the Board of Directors or abstains from voting, the voting circumstances will be disclosed in detail in the report. 5.5 Integrity and Loyalty of the Responsible Persons The Board of Trustees issues regulations in the context of the Organizational Regulations of the Pension Fund governing compliance with integrity and loyalty regulations in accordance with Art. 53(a) BVG and Art. 48(f) to 48(l) BVV Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
17 VI Balance Sheet Reporting of Investments (Assets) Balance Sheet Reporting of Investments (Assets) 18 Accounting Guidelines 18 Bonds and Equities 18 Loans 18 Real Estate 18 Alternative Investments 18 Foreign Currencies 18 Investments in an Employer s Enterprise Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
18 VI Balance Sheet Reporting of Investments (Assets) 6.1 Accounting Guidelines Balance sheet reporting and valuation of assets are performed in accordance with the provisions of Swiss GAAP FER 26 in the version applicable in accordance with Art. 47 BVV Bonds and Equities Securities are valued at market prices. 6.3 Loans Loans are shown in the balance sheet at nominal value minus any valuation adjustments required for operational purposes. 6.4 Real Estate Direct real estate holdings are reported in the balance sheet at market value. The basis for determining the market value is the sum of the discounted net cash flow at the time of the valuation (DCF method). The market value of the real estate is reviewed annually, and 20% of the real estate holdings are inspected at the time of review. Within a period of five years, all real estate must be inspected. Indirect real estate is reported in the balance sheet at market value. 6.5 Alternative Investments Listed alternative investments are reported in the balance sheet at market value. Non-listed alternative investments are reported according to their net asset value (NAV). The NAV as of the end of the preceding quarter must be reviewed by an independent specialist in terms of intrinsic value and be corrected if necessary and updated on the balance sheet date. Other alternative investments, receivables, and current account deposits are shown at nominal value, minus any value adjustments required for operational purposes. 6.6 Foreign Currencies Foreign currencies are reported in the balance sheet at market value. 6.7 Investments in an Employer s Enterprise All investments with Credit Suisse Group AG or its subsidiaries are regarded as investments in an employer s enterprise in accordance with Art. 57 and Art. 58 BVV 2, except for monies that are in the nature of business transactions rather than investments (liquidity required for operations). In this context, monies invested in liquid form for a specified period of time with a view to proposed investment or reinvestment also constitute business transactions. 18 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
19 VII Final Provisions Final Provisions20 Amendment Proviso 20 Entry into Force 20 Prevailing Text Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
20 VII Final Provisions 7.1 Amendment Proviso The Board of Trustees is authorized to amend these Regulations at any time. 7.2 Entry into Force Following the resolution of the Board of Trustees of December 1, 2017, these Regulations enter into force on January 1, 2018, and replace the Regulations of December 8, 2016, with the amendments agreed on September 15, Prevailing Text These Regulations have been drafted in German and may be translated into other languages. In the event of any discrepancy between the German text and a translation into another language, the German text shall prevail. PENSION FUND OF CREDIT SUISSE GROUP (SWITZERLAND) Philip Hess Chairman of the Board of Trustees Thomas Isenschmid Vice-Chairman of the Board of Trustees 20 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
21 Appendix I Appendix I 22 Investment Bandwidths and Risk Measures Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
22 Appendix I: Investment Bandwidths and Risk Measures Long-Term Investment Bandwidths The basis for the long-term investment bandwidths is the ALM study of October Long-Term Investment Bandwidths Long-term investment bandwidths Overall Pension Fund Asset categories (in percent) Bonds including cash Equities Real estate 8 18 Alternative investments Foreign currencies 0 40 Investments in securities of Credit Suisse Group AG and its subsidiaries (limit) 0 5 Key Risk Figures and Target Value of the Fluctuation Reserve The basis for setting the key risk figures and the target value of the fluctuation reserve is the ALM study of October Key Risk Figures Key figure Indicative value Ex-ante volatility (diversified) 7.7% Value at risk (one year) at a 95% confidence level 12.7% Conditional value at risk (one year) at a 95% confidence level 15.9% Target value of the fluctuation reserve 16.0% Return Required The basis for determining the return required is the ALM study of October Return Required Objective Stable funding ratio Return Required 2.1% (minimum return) 22 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
23 Appendix II Appendix II 24 Delineation of Powers of Authorization for Direct Real Estate Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January
24 Appendix II: Delineation of Powers of Authorization for Direct Real Estate Delineation of Powers of Authorization for Purchasing and Managing Direct Real Estate Swiss Real Estate Real Estate Portfolio Investment Head of Investment Investment Position/Duties Manager Manager Real Estate Manager Committee 1 Purchase of existing properties/new construction projects 1.1 Purchases (existing properties, publicly funded infrastructure projects, projects with planning permission or ready for construction, building land suitable for development), and contracts in respect of new building work, project planning, development, etc. up to CHF 20 million Request Decision Information up to CHF 50 million Request Decision Information up to CHF 100 million Request Decision over CHF 100 million Request Decision Information 1.2 Concluding the purchase, legal and contractual formalities Execution Information (deed of sale, etc.) within the scope of the approved orders 2 Sale of real estate 2.1 Sales up to CHF 20 million Request Decision Information up to CHF 50 million Request Decision Information up to CHF 100 million Request Decision over CHF 100 million Request Decision Information 2.2 Concluding the sale, legal and contractual formalities Execution Information within the scope of the approved order 3 Real estate management 3.1 Conclusion of easement agreements Request Decision 3.2 Other real estate management (all transactions) up to CHF 10,000 Decision Information up to CHF 100,000 Request Decision Information up to CHF 200,000 Request Decision Information Explanatory Notes on Powers of Authorization Abbreviation Description With responsibility for Associated rights and obligations Request Request filed with the Technical and financial accuracy Decision must be communicated decision-making body of details to the requesting party Decision Final decision Proper assessment of decision basis Supervision of execution, obligation to consult co-decision-makers Information Executing or decision-making body provides information on the decision Execution Implementation of the decision Proper professional execution Right to issue instructions to by issuing corresponding instructions within framework of decisions taken and supervise subordinates or own work Obligation to provide information to ordering party 24 Pension Fund of Credit Suisse Group (Switzerland) Regulations on Investments January 2018
25 PENSION FUND OF CREDIT SUISSE GROUP (SWITZERLAND) P.O. Box CH-8070 Zurich credit-suisse.com/pensionfund Copyright 2017 Pension Fund of Credit Suisse Group (Switzerland) and/or its affiliates. All rights reserved. JPKO
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