Divisions and Teams

The FRR’s activities are organised around three divisions: a finance division, an operations division and a legal and communication division. There are also independent control functions.

The Legal & Communication Division

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FRR Divisions

1. The Finance Division (2 departments)

Asset Allocation Department

It handles functions dedicated to long-term investment strategy and is in charge of managing tactical allocation and steering the FRR’s currency risk hedging.

Delegated Management and Responsible Investment Department

It manages the procedures for selecting external managers and is responsible for monitoring all FRR management mandates, particularly the analysis of portfolio performance and the control of managers’ delivery of all financial services under their mandate.

It is also in charge of investment in UCIs, monitoring investments in unlisted asset classes (private equity, private debt, infrastructure, real estate…) and their follow-up.

It also steers the responsible investment strategy as defined by the Supervisory Board and ensures its implementation by managers through investments.

2. The Operations and Risks Division (5 departments)

Performance and Financial Risks Department

It supervises the Fund’s financial risks and prepares the work of the Risk Committee.

Operational Risks Department

Middle-Office Department

It manages operational relations with management companies and external service providers, validation of valuations and compliance checks.

Human Resources and Management Control Department

It manages operational human resources and management control, and deploys the Fund’s internal social and environmental responsibility approach.

Information Systems, Organisation and Projects Department

It manages general project oversight, provision and budgetary monitoring of all applications and services that make up the Fund’s IT landscape, in conjunction not only with the internal service providers of the Caisse des Dépôts group but also with all external service providers, financial data suppliers and software vendors.

3. The Legal and Communication Division

It manages the legal oversight of FRR mandates and contracts and investments made through UCIs, particularly within the framework of selection procedures, as well as monitoring the exercise of FRR voting rights.

It is responsible for the Fund’s communications.

Accounting Office

The FRR has an accounting officer.
The accounting officer is responsible for maintaining the Fund’s accounts, as well as preserving supporting documents and accounting records. The accounting officer takes charge, after authorisation by the authorising officer, of the corresponding revenue and expenditure orders. The accounting officer prepares an annual report on the accounts for the financial year.

The Fund is subject to financial control by the State, as well as the Court of Auditors, the General Inspectorate of Finance and the General Inspectorate of Social Affairs.

The FRR’s auditors are selected through a competitive bidding process and are appointed for a period of 6 years. They are responsible for certifying the annual accounts. These firms also assist the Audit and Accounts Committee of the Supervisory Board.

This body, provided for in the Fund’s internal regulations, is responsible for preparing the Supervisory Board’s deliberations on the approval of the annual accounts and for assisting the Board in monitoring results.