The Executive Board is responsible for directing the FRR and for ensuring its smooth operation.

It implements investment policy orientations while monitoring compliance therewith. It reports regularly on its management to the Supervisory Board, describing in particular how investment policy orientations have taken social, environmental and ethical considerations into account.

It is composed of three members and is chaired by the Chief Executive Officer of the Caisse des Dépôts.

The Executive Board directs the public establishment and is responsible for its management.
It is notably in charge of:

• preparing the specifications for calls for tenders
• appointing the qualified individuals who serve as members of the Manager Selection Committee
• selecting the companies that provide third-party portfolio management services
• entering into all agreements on behalf of the Fund and monitoring compliance therewith
• preparing the Fund’s administrative and technical management budget. Administrative management is carried out under its authority
• executing the FRR budget
• submitting the Fund’s financial statements to the Supervisory Board
• recruiting the establishment’s staff. The Executive Board has authority over them
• preparing the Fund’s internal regulations (except for provisions relating to the operation of the Supervisory Board). When implementing measures necessary for the management of the Fund, the Executive Board may, if circumstances so require, depart from the latest orientations set by the Supervisory Board in order to strengthen the security of the Fund’s investments. It then informs the Supervisory Board of the decisions taken.