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Disclosure of information to fund committee

           The SEC requires asset management companies to disclose information regarding fund management to each fund committee in order that the committee can monitor the performance of the fund on a regular basis.
            In order to monitor the provident fund performance, the fund committee normally receives an annual and monthly report from their management company by the 20th of the following month in accordance with the regulation of the Association of Investment Management Company (AIMC) as follows:
  • Monthly report
          1.Report KorChor 1.1 : Statement of employees' and employer's benefits
             This report indicates details of income, expenses, profit/loss from investment, employees' and employer's contributions, the amount paid to terminated members, and an increase/decrease in the part of employees' and employer's benefits. All data are presented in the form of a monthly balance and an accumulated amount from the beginning of the year to the reported month. Therefore, the fund committee can track the sources of the fund's income and expenses, net income from investment as well as changes in employees' and employer's benefits.
         2.Report KorChor 1.2 : Details of the fund's assets
            This report shows the invested assets and their corresponding NAV in which a fund is holding at a period of time whereby the assets are classified by their level of risk. As a result, the fund committee can observe the assets’ details such as type of assets, issuer, number of assets the fund has invested in, asset value, and market price of assets as of the reporting date.
  • Annual report
         1.Report Korchor 2.1 : Balance sheet
            This report shows the amount of assets, liabilities, and employer's and employees' contributions as well as the arisen benefits as of the end of the present accounting period compared with that of at the end of the previous one.
         2.Report Korchor 2.2 : Profit and loss statement
            This report shows income, expenses, and profit/loss from investment classified by types of investment for the present accounting period compared with that of the previous one.
         3.Report Korchor 2.3 : Statement of investment portfolio
            This report is similar to the report KorChor 1.2 but instead shows the fair value of the fund's assets excluding accrued interest.
         4.Report Korchor 2.4 : Statement of changes in net asset
            This report shows an increase/decrease in income from investment, an increase in employees' and employer's contributions as well as the arisen benefits, and a decrease in asset value due to benefits paid to employees upon membership termination.
         5.Report KorChor 2.5 : Cash flow statement
            This report shows an increase/decrease in the fund’s cash flows from operation and capital fund raising for the present accounting period compared with that of the previous one.
         6.Report KorChor 2.6 : Major financial data 
            This report shows the sources of any increase/decrease in the fund's NAV, ratios of various figures to the weighted average NAV, returns from investment for the present accounting period compared with those of the previous five periods.

          Furthermore, the SEC prescribes a regulation which requires asset management companies to make a monthly and yearly summary report to each fund committee regarding the fund’s investments in bonds, deposits, and hybrid securities as well as ratios of such investment to the fund’s NAV so that each fund committee is aware of the information about the risk of the fund’s investment.
Finally, the fund committee should also track their performance of the fund thoroughly and continuously. This will enable the fund committee to effectively examine and monitor the fund performance managed by the asset management company. In addition, the fund committee should disseminate these reports to fund members. In case of imprecise information, the fund committee should contact the management company for a better understanding so as to be able to answer the members’ questions clearly.

last updated date 10/06/2553

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