The investments of pension funds, which manage over one billioneuros in assets and have a potential to become the biggest stockexchange investors over the next few years, will become publicinformation twice a year, once the Private Pension SystemSupervisory Commission (CSSPP) has approved a set of modificationsbrought to the reporting and transparency norms.
The private pensions regulator wants to significantly increasethe transparency of the funds and force managers of mandatory andvoluntary pension funds to publish the detailed structure of thefunds' investments on December 31st and June 30th.
The Commission's measure comes at a time when transparencylegislation was rather lenient, leaving it to managers to decidewhat information they make public. So the managers preferred not todisclose the detailed structure of the funds' portfolios, with someof them even refusing to provide the information to contributors,on demand, citing confidentiality of the fund's assets. Everysalaried employee must contribute 2.5% of their gross salary to aprivate pension fund, with the contribution to rise to 3% as ofMarch 2011.
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