• Introduction
• Objectives of the ISSA Guidelines on Investment of Social Security Funds
• Definition of Investment Governance
• Investment Governance Framework: Consistency with the ISSA Guidelines on Good Governance
• Structure of the ISSA Guidelines on Investment of Social Security Funds
• A. Investment Governance Principles
• Guideline 1. Investment beliefs
• Guideline 2. Investment mission and goals
• B. Investment Governance Structures
• Guideline 3. Bodies and their responsibilities
• Guideline 4. Fiduciary responsibilities
• Guideline 5. Governance structure and organizational aspects of social security institutions
• C. Common Processes
• Guideline 6. Taking into account social security liabilities and funding policy in the determination of investment policy
• Guideline 7. Defining the risk budget
• Guideline 8. Restrictions on investments
• Guideline 9. Socially responsible investing and environmental, social and corporate governance
• Guideline 10. Investment assumptions
• Guideline 11. Risk budget analysis and utilization
• Guideline 12. Dynamic investing
• Guideline 13. Strategies to rebalance risk levels
• Guideline 14. Selection of appropriate benchmarks
• Guideline 15. Criteria for the choice between the use of an internal investment function and the use of an external investment manager
• Guideline 16. Approaches to portfolio construction
• Guideline 17. Use of active, passive and hybrid management
• Guideline 18. Infrastructure investment
• Guideline 19. Due diligence completed on investments by an investing institution
• Guideline 20. External safekeeping measures and custody of assets
• Guideline 21. Valuation of the investment portfolio
• Guideline 22. Performance and risk analysis monitoring and reporting
• Guideline 23. Manager monitoring and evaluation
• Guideline 24. Policy on disclosure
• Guideline 25. Prudent person principle
• D. Processes Specific to Internal and External Investment Management
• D.1. Internal Investment Management
• Guideline 26. Implementation of investment policies by an investing institution
• Guideline 27. Operational due diligence for internal investment management
• Guideline 28. Direct investment and representation on the board of companies
• Guideline 29. Currency hedging
• D.2. External Investment Management
• Guideline 30. Selection process for external fund managers
• Guideline 31. Selection due diligence for external fund managers
• Guideline 32. Alignment of incentives of external fund managers and objectives of the social security institution
• Guideline 33. Operational due diligence for external fund managers
• Guideline 34. Transitioning of assets when there is a change in external investment manager
• Acknowledgements