Page 156 - KELAG Annual Report 2019
P. 156

No                       No
                                                             Active   active           Active   active
                                                             market   market   Total   market   market   Total
                                       Bonds – euro            0.0      0.0     0.0     35.9     0.0     35.9
                                       Bonds – euro emerging   0.0      0.0     0.0     10.3     0.0     10.3
                                       markets
                                       Bonds – developed markets   34.7   0.0   34.7     0.0     0.0      0.0
                                       Bonds – emerging markets   9.3   0.0     9.3      0.0     0.0      0.0
                                       Corporate bonds        15.6      0.0    15.6     15.3     0.0     15.3
                                       Shares – euro          21.4      0.0    21.4     18.8     0.0     18.8
                                       Shares – non-euro       8.9      0.0     8.9     10.2     0.0     10.2
                                       Real estate             0.0      1.4     1.4      0.0     1.4      1.4
                                       Alternative investment   0.0     0.0     0.0      0.0     1.0      1.0
                                       instruments
                                       Time deposits/cash      8.6      0.0     8.6      7.0     0.0      7.0
                                       TOTAL                  98.6     1.4    100.0     97.6     2.4    100.0




                                      There are market price listings in active markets for all equity securities and government bonds.

                                      KELAG  has  outsourced  the  investment  policy  and  investment  management  as  well  as
                                      responsibility for the investments to Valida Pension AG. The objective of the investment policy is
                                      to secure a return, stability, profitability and sustainability for the long term. Valida Pension AG is
                                      a  wholly  owned  subsidiary  of Valida  Holding  AG.  KELAG  discusses  and  consults  with Valida
                                      Pension AG at regular intervals regarding the general investment strategy. The investment and
                                      risk management at Valida Pension AG is geared towards compliance with the laws governing
                                      pension  funds  and  the  related  regulatory  requirements  of  the  financial  market  supervisory
                                      authorities.


                                      The defined benefit plans expose the Group to actuarial risks, such as longevity risk, interest rate
                                      risk and market (investment) risk.
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