CIC maintains a methodical, disciplined, and effective decision-making framework for overseas investment and investment management. Decision-makers at different levels have clear divisions of responsibility with coherent interlinkages. Investment decisions are made with due consideration to both efficiency and compliance. This approach lays the foundation for methodical, disciplined and effective investment.
In early 2020, CIC set up an Asset Allocation and Investment Policy Committee to oversee the allocation of our entire overseas portfolio, and better ensure that asset allocation objectives are being implemented across our portfolio and driving investments in line with our strategy.
At present, investment decisions at different levels and for different asset classes are implemented by four committees:
? the Asset Allocation and Investment Policy Committee
? the Investment Committee of CIC International Co., Ltd. (“CIC International IC”)
? the Investment and Management Committee of CIC Capital Corporation (“CIC Capital IMC”)
? the Dynamic Asset Allocation Committee
In order to further enhance the efficiency and quality of decision-making and make explicit the division of authority and accountability in relation to project management, CIC has issued detailed guidelines on the delegation of investment decision authority.
The CIC International IC, CIC Capital IMC, and the Dynamic Asset Allocation Committee each formulate their own investment strategies, policies, and performance and risk targets pursuant to guidelines set by the Board of Directors, the Executive Committee, and the Asset Allocation and Investment Policy Committee, and devise or revise their investment management systems and procedures accordingly. These committees convene regularly (and on an ad hoc basis when necessary) to review investment proposals and take independent investment decisions, which are implemented by their executives and investment teams and supported by the middle and back offices.