Board of Trustees
As the supreme body of FCT, the Board of Trustees (ref. Organization Rules) is responsible for the overall management of the Foundation. It ensures the execution of the statutory duties, defines the strategic objectives and principles, and the means for their implementation. It defines the organization of the Foundation, ensures its financial stability and supervises its administration.
The members of the Board of Trustees are elected by the Pension Committees every five years.
They have a duty to safeguard the long-lasting interests of the Foundation and endeavor its sustainable development. They must have a solid expertise in the field of occupational benefits and enhance their knowledge on continuing basis.
The Board of Trustees is supported by four expert committees: legal, actuarial, investment and distribution.
In order to further enhance the quality of its governance, the Board of Trustees has decided to create in 2018 a new management board hosted in a company fully owned by FCT and FCT 1e, FCT Services SA. This company is responsible for the independent negotiation of all the contracts with the partners and service providers as well as for the development of FCT and FCT 1e according to the strategic vision of the Board of Trustees.
Each affiliated company or group of companies have their own independent Pension Fund within the Foundation which possesses its own separate accounting and carries no responsibility for the liabilities of other Funds. Each Fund operates as a semi-autonomous occupational benefits institution, i.e. it is insured for death and disability risks, but bears its own investment risk.
Each year, the accredited pension expert provides a status report of its financial condition and a simplified asset-liability management study (ALM) for the Fund. This ALM study allow the Pension Committee to make informed decisions on the Fund’s investment profile so as to guarantee that the structure of the investments enables the payment of the benefits on an adequate basis.
The Pension Committee stands for the Pension Fund’s joint administration board as defined in the legal provisions on pension occupational benefits (LPP/BVG). It consists of the members appointed by the employer and elected by the employees as their representatives.
The Committee is responsible for all binding Pension Fund decisions, as described in the Foundation’s organizational rules. These decisions consist but are not limited to the choice of insurer for death and disability risks, banking partner, investment profiles, pension plans, interest paid on retirement savings accounts and recovery measures. For the choice of the investment profile, the Committee will rely on the asset-liability management study provided by the accredited pension expert.