A clearly defined governance framework helps to outline the objectives and principles as well as to assign individual responsibilities. The following structure is in place:

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The Board of Directors takes up the role of an overseeing body for the governance of any investment activities, formulates overarching operating rules as well as approves the limits to be respected at all times. The Management Committee (i.e., the CEO and CFO), in turn, is responsible for approval of the investment strategy. It also ensures smooth running of daily operations. Finally, the Treasury & Asset Management unit is there for the implementation of the investment strategy and each portfolio manager executes the investments based on pre-defined governance.  

The Principles, governing Treasury & Asset Management unit activities, as well as the documentation such as Treasury Policy and Treasury Strategy are further and separately discussed in the following sections.