CRAIPI With the first ordinary meeting of the year was the presentation of the new Board of Directors and the Board of Auditors.
The following delegates to represent members of the Fund were able to raise some questions whose answers can be summarized as follows.
President Franco Raymond Boccia, in agreement with the rest of the Board, is considering a plan consists of three analytical and operational profiles:
- INVESTMENTS - With reference to the Asset Management Company (SGR) is underway to being finalized after carrying out an initial screening. He wants to change the investment policy: rationalize the distribution of portfolio investments using an index that assesses the risk (VaR = Value at Risk). This index is widely used in investment processes and ensures the bottom line. In fact, the VaR exceeds the formula of the "asset class" and is aligned at the COVIP (Supervisory Commission on Pension Funds). Please note that the CRAIPI is located in the line of balanced funds;
- RELATIONSHIP WITH MEMBERS - The goal is to provide more information to members from both qualitatively and quantitatively. We are identifying the most advanced tools to allow a more precise and constant monitoring of developments in the fund. A further element of transparency will be the new internet web site (no more intranet) for which the company was asked a feasibility study soon.
- STATEMENT OF INCOME - You must give full effect to the weather typical of the fund, namely the provision of annuities (annuities). This is to give effect to the statutory provisions. At the moment we can not yet do: you must enter into a contract with insurance companies that are to be paid the "premium" accrued by the member (assuming likely to cost just for the payment in installment of the award). The general conclusion of the contract is not immediate. You must collect a set of data that determine the sustainability of the same: for example the number of subscribers and the average age of the same. After that calculates the "statement of limited income." For this he was required to Previnet (the company that collects all the financial information) to draw up a "technical budget" to 31/12/09. Once acquired we will proceed with the actuary.
In addition to questions from other, more specific, we have the following responses:
- Insurance policies in the portfolio CRAIPI - Everyone knows what the proportion of insurance policies within the fund. The Board has analyzed the situation and, in short, will start in-depth analysis with the intention of finding new solutions and approaches to investing. Of course you have to consider the contracts and their deadlines. By April we will have the information needed to start making initial assessments.
- Towards the umbrella fund - Although the crisis of the past two years, particularly in the financial market has brought a lot of uncertainty, the demand to pay their shares in sectors more secure than the current one is not possible. In order to align with other funds, that provide the possibility to opt for more sectors, to amend the statute. The Board considers the need for an adequate time for changes and, anyway, to avoid hasty steps that could cause more harm than good.
- Payment of severance pay RAI - The Board urged the RAI, to operate in a timely manner, payment of severance pay (2009) of silent and non-members in the fund.
- Presentation of Financial Statements - The Board shall inform the delegates that will be submitted by April the balance sheet and statement of 2009, as required by statute. In this way the Assembly will have a sufficient period of time for later analysis. It is understood that the vote on the budget must be completed by June 30.
- risk / return profile - will be assessed according to general expectations, including the costs (financial management, spreads, contracts ...) that will be definitely lower than if they occur in the management of indirect to direct.
The Assembly concluded with repeated call for the presentation of the budget no later than next month.
Report by the delegates of Milan CRAIPI
Mauro Giorgio Zorzan
Calabria
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