ED NATIONS � I NATIONS UNIES �-�� MEMORANDUM INTERIEUR
TO: tary-General DATE: 2 July 2010 A: REFERENCE: IMS\IC\4-4
THROUGH: SIC DE:
FROM: DE: ative of the Secretary-General fo r the investments ofUNJ SPF
SUBJECT: Membe s i of the Investments Committee J OBJECT:
1. The I estments Committee has a current membership as follows:
Nationality Expiration Date
Japan 31 December 20 11 ardenas Argentina 31 December 20 12 hico Pardo Mexico 31 December 20 10 Mr. . Dhar India 31 December 20 11 Mr. S iang (ad hoc member) China 31 December 2010 as sow Germany 31 December 201 0 irdar Iraq 31 December 201 1 . McDonough USA 31 December 201 0 ohohlo Botswana 31 December 20 12 Mr. I. ictet (ad hoc member) Switzerland 31 December 20 10 Ms. . Ploix France 31 December 20 1 0
2. be noted, the terms of service of the following members will expire as of end
Ad hoc members
nando Chico Pardo Mr. Simon Jiang (will e ch term limit of 15 years On 31 December 2010) Mr. Ivan Pictet Mr. A im Kassow Mr. i liam J. McDonough Ms. e ene Ploix
of relevant CV s are attached .
3. . Kassow and Mr. McDonough could be re-nominated for another term of s, it would not be possible for Mr. Chico Pardo to serve further. According to 'of Reference governing the Investments Committee, Mr. Chico Pardo e maximum service period of 15 years on 31 December 20 10. Also, Ms. oix will reach the maximum term limit of 15 years on 31 December 20 11 and , Ms. Ploix would be extended for another one year term only, commencing I 011.
4. Accor i gly, it would be necessary for you to formally re-nominate a replacement for Mr. C · o Pardo and determine whether it is desirable to re-nominate Mr. Kasssow and Mr. M onough for another term of three years or to provide replacement nominees ntation to the Pension Board of UN JSPF.
5. acement for Mr. Chico Pardo, you may wish to consider nominating Ms. Hilda rillembourg (Venezuela) as an ad hoc member for a one year term ing 1 January 20 11.
6. one year term of the two ad hoc members Messrs. Jiang and Pictet, will also expire 31 December 2010. Mr. Jiang has indicated willingness to be re-appointed, this ti e as a regular member, for a three-year term commencing 1 January 20 11, while Mr. Pi t has indicated willingness to continue to serve, if re-nominated, as an ad hoc membe . You may wish to formally nominate Mr. Jiang as a regular member for a three y r term and Mr. Pictet to serve as ad hoc members for anot{ler one year term ing 1 January 20 11.
7. nominations and re-nominations will be needed prior to the next meeting of Nations Joint Staff Pension Board which is scheduled to begin on 15 July ndon. An early decision would facilitate the processing of Board tion.
8. tion to this matter will be appreciated. ii ' IffY,10),� (C t I tli"'li l JJL - 6 L i d L ·--_j �� OFFICE , EXECUTIVE ' L...._2E THE SECRETARY-GEICAAL
Note to the Chef de Cabinet
Membership of the Investments Committee
md attached a self-explanatory memorandum to the Secretary-General pproval:
(a) to consult with the Pension Board and, subsequently, the ACABQ on the intment of Messrs. Achim Kassow (Germany) and William J. McDonough as regular members of the Investments Committee for a three-year term ncing 1 January 2011;
(b) to consult with the Pension Board and, subsequently, the ACABQ on the ment of Ms. Helene Ploix (France) as a regular member of the Investments ttee for a one-year term commencing 1 January 2011. She would meet the term limit on 31 December 2011;
(c) o consult with the Pension Board and, subsequently, the ACABQ on the ment of Mr. Simon Jiang (China) as a regular member of the Investments ttee for a three-year term commencing 1 January 2011;
(d) o consult with the Pension Board and, subsequently, the ACABQ on the intment of Mr. I van Pictet (Switzerland) as an ad hoc member of the ents Committee for a one-year term commencing 1 January 2011;
(e) o consult with the Pension Board and, subsequently, the ACABQ on the appoi ment of Ms. Hilda Ochoa-Brillembourg (Venezuela) as an ad hoc member of the I vestments Committee for a one year term commencing 1 January 2011.
Your tention and kind action on this matter would be greatly appreciated.
Warren Sach 2 July 2010 STRICTLY CONFIDENTIAL NOTE TO MR. NAMBIAR (through Mr. KIM}J/Y' APPOINTMENTS AND EXTENSIONS PRIORITY
TITLE CANDIDATES RECOMMENDED DECISION
Investments Committee (UNJSPF) The Representative of the Secretary-General for the Investments Committee of the United Nations Joint Staff Pension Fund (UNJSPF), Mr. Sach, has forwarded the recommendations for the Investments Committee membership. He requests approval to consult with the Pension Board and Continuing members: the Advisory Committee on Administrative and Budgetary Questions (ACABQ) on the membership Expiration as is the norm. The recommendations are as follows: -Mr. M. Arikawa (Japan) 31/12/2011 -Mr. E. Cardenas (Argentina) 31112/2012 1) Re-appointments: -Mr. M. Dhar (India) 31/12/2011 Expiration Proposed term -Mr. N. Kidar (Iraq) 31/12/2011 -Mr. A. Kassow (Germany), 31 December2010 three-year term -Ms. L. Mohohlo (Botswana) 31112/2012 -Mr. W. McDonough (USA), 31 December 2010 three-year term -Mr. S. Jiang (China), 31 December 2010 three-year term ,� -Ms. H. Ploix* (France), 31 December 2010 one-year term -Mr. I. Pictet (Switzerland) (ad hoc member), 31 December 2010 one-year term
2) New appointment:
-Ms. H. Ochoa-Brillembourg (Venezuela) (ad hoc member), one-year term beginning01/01/201 1 (to replace Mr. Chico Pardo (Mexico), who completed a 15-year term)
Received on 0610712010 Log# 10-06391 *reaches15 year term limit 3 1 December 201 � Submitted for your final approval and clearanc Dr Achim Ka ow Curriculum Vitae
GENERAL DATA EDUCATION
Dare of Birth July6, 1966 1996 Doct0111te (Dr. rer. pol.), Universityof Cologne: Marital Status married, one son 1988-1992 Study of Business Administration and Nationality German economics, University of Cologne Languages German, English. French, Spanish 198.5- 1987 Bank Clerk, Deutsche BankAG
PROF:ESSIONAL E RIENCE
since June 2002 Commerzbank Group since2004 Member of the Board of ManagingDirectors ' Commerzbank AG
2002-2004 Chief Executive Officer, comdirect blUlk AG
1993-2002 Deutsche Bank Group 2001-2002 Member of the Board of ManagingDirectors- Investment Products Europe Deutsche Bank 24 AG (Private and Business Clients)
1999-2001 Member of the Executive Committee- Ret.iill Banking Deutsche Bank 24 AG (Private andBusiness Client.g)
1998- 1999 Senior Project Manager (Direcror)-Retail Banking Deutsche Bank AG
1996-1998 Executive Assistant(Vice President)- Asset Management Deutsche BankAG
1993- 1996 Corporate Clients Advisor (Associate) Deutsche BankAG
Dr Achlm Kassow has g · ed long and comprehensive experience with Asset Management: As Co1porau Clients Advisor of
Deutsche Bank he serv ultinational Corporates (i.e. E.ON, Vodafone, ThyssenKrupp) regarding their Asset Liability
Management. Later on h b oadened his focus within Asset Management at DWS with assets under management of cUITently
more than 256bn euros. s Member of the Board of Managing Directors of Deutsche Bank 24 he was lat�r responsible for
investment products d!ilv I pment and selection at Deutsche Bank's European Priv.lte and Business Clients Unit wieh
invested assots of more th lOObn euros.
After his appointment as 0 of listed comctirect bank, the leading German direct broker, Dr Kassowwas responsible for the
bank's treasuryp ortfolio joined in parallel the Commerzbank Pension Trust Committee. Since 2004 he is Member of the
Board of Managing Direc o s of Commerzbank with responsibility for a total business volume (!endings, deposits, portfolio
investments) of 230bn e s. Furthermore Dr Kassow cha..U-ed the Supervisory Boards of Jupiter International Group in
London, of Caisse Centr c de Reescompte in Paris (both leading Asset Management companies), Commerz Grundbesitz
Gesellschaft in Wiesbaden ( al Estate Asset Management) and stiU belongs to the Supervisory Boards of comdirect bank in
Quickborn (Banking), co. · vest Asset Management in Frankfurt (Asset Management), BRE Bank in Warsaw (Bankiug),
Eurohypo in Escbboro ( l Estate Financing), Volksfuersorge Deutsche Sachversicherung in Hamburg (Insurance) and ThyssenKrupp Steel in D �g(Stee1). Kassol
COMME ANK GROUP- GENERAL INFORMATION
AG is Germany's second-largest bank with a market cap of 24.1 bn euros (April 30,
onsolidated balance-sheet total of 608bn euros at year end 2006. Roughly 36,000
employees, , 25 of them active outside Germany, look after approximately 9 million c�'1omers
worldwide. e ides its core activities in Europe, Commerzbank has a strong presence worldwide with ubsidiaries, branches and representative offices in 43 ·countries. h provides financiaJ followi.llgthree operational corporate divisions:
• rcial Real Estate, Public FiJ1anceand Treasury
• te and InvestmentBanking
• Retai anking and Asset Management
Regarding th latter Dr Achim Kassow is responsible for as Member of the Board of Managing Directors.
RETNl..B G
s an important pillar ofthe Commerzbankgroup. It serves more than 5 million private
ss customers and gained revenues of more than 1.8bn euros with roughly 11,000
employees · 2006. At nearly 800 branches throughout Germany and hubs in Switzerland,
Luxemburg, stria and Singapore competent counsellors assist private customers and small-sized
companies in a 1 i�ues connected with money. Besides this branch presence Commerzbank offerS
direct banking d brokerage via its affiliate comdirect bank which is one of the leading direct banks
in Germany.
nt consists of an international multi-boutique network with global product expertise
g assets of 77bn euros in total withoperational affiliates in Frankfurt, London, Paris,
d Singapore. This depart:IIi.ent achieved revenues of more than 700mn euros in 2006.
thirds the total assets under management are managed by cominvest, based in
Frankfurt, for i s retail and institutional customers. This affiliate is the fifth largest asset manager in
Germany and ssesses an outstanding expertise in managing Pan-European equities. �ased on a transparentmul , · step investment process, the flagship mandate inthis asset class has outperformed its benchmark by ly 40% since 2001. One of the highlights within the fixed income product range certainly is co vesfs award winning expertise in managing Pan European Asset Backed Securities.
est and most experienced ABS teams in continental Europe is responsible for over
undermanagement. CURRICULUM VITAE
William J. DONOUGH Chairman, I estments Committee
Career: 2005 - Present Vice Chairman and Special Advisor to the Chairman at Merrill Lynch & Co. Inc, responsible for assisting senior management in the company's business development efforts with governments and financial institutions.
2003-2005 Chairman of the Public Company Accounting Oversight Board, a private sector, not-for-profit corporation created by the Sarbanes-Oxley Act of 2002 to oversee auditors of public companies.
1993-2003 Federal Reserve Bank ofNew York. - President and ChiefExecutive Officer. Vice Chairman and a Permanent Member of the Federal Open Market Committee (FOMC), which formulates U. S. monetary policy. Board of Directors of the Bank for International Settlements and Chairman of the Basel Committee on Banking Supervision.
1992-1993 Federal Reserve Bank, New York -Executive Vice President, Head of the bank's markets group and Manager of the FOMC's open market operations.
1967-1989 Twenty-two years of career before retirement from First Chicago Corporation and its bank, First National Bank of Chicago in 1989. Also Vice Chairman of the Boar4 and a Director of the Bank holding company from 1986 to 1989.
1961-1967 U. S. State Department.
1956-1961 The U. S. Navy. ' ..
Associatio Before joining the New York Federal Reserve Bank, served as an advisor to a variety of domestic and international organizations.
Member of the Board of Directors of the New York Philharmonic Orchestra.
Member of the Board of Advisors of the Yale School of Management.
Chairman of the Investments Committee, the United Nations Joint Staff Pension Fund.
Education: Master's degree in Economics from Georgetown University, Washington, D.C., and a Bachelor's degree, also in Economics, Holy Cross College, Worcester, Massachusetts. Personal:
Date of Birth: 21 April 1934
2 HOA-BRILLEMBOtJRG, CFA T, CEO AND CJO, STRATEGIC INVESTMENT GROUP
ilda Ochoa-Brillembourg, CFA, is founding president, CEO and CIO of Strategic vestment Group and founding Director of Emerging Markets Management, L.L. C. he is a Fulbright fellow and recipient of the Fulbright lifetime achievement award. he completed her doctoral studies (except dissertation) in business administration in mance at Harvard Business School; she holds an MPA from the Harvard Kennedy chool of Government and a BS in Economics from Universidad Andres
rom 1976 to 1987, Ms. Ochoa-Brillembourg served as chief investment officer for the Pension Inve ent Division of the World Bank, and continued as a manager of the World Bank Pension assets u il 1996. She also served as asset and liability advisor to the World Bank, the Venezuelan gove ment, Grupo Electricidad de Caracas, and others. A native of Venezuela, Ms. Ochoa has served as a independent consultant in the field of economics and finance, a lecturer at the Universidad Cato i a Andres Bello and IESA in Venezuela, and as treasurer of the C.A. Luz Electrica de Venezuela in Car
chairn1an of the Youth Orchestra of the Americas; a trustee at The Washington National Opera; o the advisory committee at the Harvard David Rockefeller Center for Latin American Studies; vice ch i an of Harvard Kennedy School Dean's Alumni Leadership Council; and vice chaitman of the r up of Fifty (G-50) at the Carnegie Endowment for International Peace. She is on the board of directo s at General Mills, McGraw-Hill, Harvard Management Company, the Fulbright Association, Rese ch Foundation of CF A Institute, and the Atlantic Council of the United States. She is a lifetime memb of the Council on Foreign Relations, a long-te1m member of the World Economic ember of the Global Arts Leadership Initiative.
bourg has published articles in the Financial Analyst Journal and Pensions & Investments and s featured in Smart Money, Fortune, Money magazine, Hispanic Business magazine, PODER magazin , Bloomberg Latin America, Investment News and the AIMR Exchange, and· has appeared on CNN spafiol, CNN Financial News, MSNBC, and Wall Street Week
REV: June 2010 CURRICULUM VITAE
an and CEO, Pechel Industries, June 1997 to date Spe i 1 Adviser to KPMG Peat Marwick on the single currency, 1996-1997 Dep y Chief Executive Officer of Caisse des Depots et Consignations (CDC), Chairman of CDC Participations, Paris, November 1989-July 1995 tive Director, International Monetary Fund and the World Bank, uary 1986-0ctober 1989 er to the Prime Minister for Economic and Financial Affairs, ust 1984-February 1986 e Industrielle et Mobiliere Privee (BIMP), Paris, Chairman and Chief utive Officer, 1982-1984 Co agnie Europeenne de Publication (CEP), Paris, Vice President, 1978-1982 ical Adviser to the Secretary of State for Consumer Affairs, 1977- 1978 sey and Company, Paris, Senior Engagement manager, 1968-1978
xecutive Director of: The Boots Company, BN P Paribas, Ferring, Lafarge blicis.
Education:
Insti t d'Etudes Politiques de Paris (Public Service), 1965 sity of California at Berkeley, M. A., Public Administration, 1966 Europeen d'Administration des Affaires (INSEAD), MBA, 1968 uate in Law, Paris, 1968 or of Arts, English, Paris, 1968
Personal:
Date o birth: 25 September 1944 CURRICULUM VITAE
Mr. Simon JIAN
Career:
Po der and Chairman, CyberCity International Limited, 1998- to-date Ch i man, Vision Century Corporation, Hong Kong, 1998- 2002 Se i r Investment Officer, Investment Management Service/UNJSPF- 1992- 1998
Associations: e, Cambridge China Development Trust er of the Board, China Welfare Fund for the Handicapped er, CPPCC- China's Upper House r Associate, Judge Business School of Cambridge University endent Non Executive Director, SPG Land endent Non Executive Director, China Ocean Shipping Company International xecutive Director, Leighton Asia Ltd.
Education: idge University- Doctorate Degree Aus r !ian National University- Master's Degree Beij g University of Foreign Studies- Bachelor's Degree
Personal: f Birth: 9 September 1953 ality: Chinese CURRICULUM VITAE
Ivan PICTET (ad hoc membe
Career:
1972- sent Senior naging Partner, Pictet & Cie, a Swiss private bank employing 3,000 people and with ins i utional and private assets in excess of $300 billion under management.
Associations:
Chairma Geneva Financial Center Vice-Ch ·rman, Global Humanitarian Forum Member oard of the World Economic Forum
Education:
MBA, U versity of St. Gallen, Switzerland
Personal:
Date of i th: March 8, 1944 - Geneva National t : Swiss ,.
EOS enior To Warren Sach/NY/UNO@UNHQ Appo n ments/NY/UNO cc Vijay Nambiar/NY/UNO@UNHQ, Wonsoo Sent :Adnan lssa Kim/NY/UNO@UNHQ, Alessandra F. Cabras/NY/UNO@UNHQ, Angela lrving/NY/UNO@UNHQ bee
Subject Approval: Investments Committee of the United Nations Joint StaffPension Fund (UNJSPF)
Dear Mr. Sach,
I refer to your m orandum of2 July to the Secretary-general in which you forwarded the nominations for the Members i of the Investments Committee in your capacity as the Representative of the Secretary-Gener or the Investments Committee of the United Nations Joint Staff Pension Fund (UNJSPF). You ad requested approval to consult with the Pension Board and the Advisory Committee on Administrativ nd Budgetary Questions (ACABQ) on the membership.
I am pleased to c firm that the Secretary-General has approved the recommendations for the re-appointments the five persons listed below (under a) and the new appointment of one individual listed under (b).
Expiration Proposed term -Mr. A. Kasso Germany), 31 December 201 0 three-year term -Mr. W. McDo ugh (USA), 31 December 2010 three-year term -Mr. S. Jiang ( ina), 31 December 2010 three-year term -Ms. H. Ploix ( ance), 31 December2010 . one-year term -Mr. I. Pictet ( itzerland) (ad hoc member ), 31 December 2010 one-year term b) New appointm
-M s. H. Ochoa- illembourg (Venezuela) (ad hoc member), one-year term beginning 0110112011
Accordingly, ba on this confirmation, you are kindly requested to take the necessary action.
Best regards,
Adnan
************** Adnan T. Issa Executive Office the Secretary-General United Nations, w York Tel.: 212 963 109 -e-mail: [email protected]
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INTEROFFICE MEMORANDUM MEMORANDUM INTERIEUR
TO: cretary- General DATE: 2JuJy20J0 A: REFERENCE: IMS\IC\4-4
THROUGH: S/C DE:
FROM: DE:
SUBJECT: OBJECT:
l. nvestments Committee has a current membership as follows: ij) Nationalitv Expiration Date
Japan 3I December 0I · Argentina 3 1 December 201 gffiJ�b ==:;;: ==-�Mex i co 31 December 201 0 India 31 Decernber -- @W China 31 December 20 LO Germany 3 ecember 20I 0 Iraq 31 DecembedQII) r·����J-'=trl� -USA 3I December 20I 0 Bots,vana 3I December@]l:) witzerl-and 3 ecember 20 LO Erance 31 DecembeF 01.0
2. be noted, the terms of service of the following members will expire as of end
Regu r members ryo
3. While . Kasso{.nd Mr. McDonough could be re-nominated for another term of s, it would not be possible for Mr. Chico Pardo to serve further. According to of Reference governing the Investments Committee, Mr. Chico Pardo I e maximum service period of 15 years on 31 December 20 I 0. Also, Ms. oix will reach the maximum term limit of 15 years on 31 December 20 II and -
Ploix be extended ther4fpre, Ms. would for another one year term only, commencing I Jam f1 y 2011.
4. Ace< r�ingly, it would be necessary for you to formally re-nominate a replacement for Mr. �""' ic o Pardo and determine whether it is desirable to re-nominate Mr. Kasssow and Mr. VlcDonough for another term of three years or to provide replacement nominees sentation for Pr( to the Pension Board of UNJSPF.
Hilda 5. As art placement for Mr. Chico Pardo, you may wish to consider nominating Ms. ..,___ . - Ochca Bnllembourg (Venezuela) as an ad hoc member for a one year term comr� ncing I January 2011.
6. Also, t�e one year tem1 of the two ad hoc members Messrs. Jiang and Pictet, will also expir pn 31 December 2010. Mr. Jiang has indicated willingness to be re-appointed, this tine as a regular member, for a three�erm commencing 1 January� 1, while Mr. P�< tet has mdicated willingness to continue to serve, if re-nominated, as an ad hoc memlier. You may wish to formally nominate Mr. Jiang asaregular member for a '3� t_.hree li!W.tem1 and Mr. Pictet to serve as ad hoc members for another one year term r. E:Jl . comn encinjj_Lanu ary 20 1 1 . '�
to 7. Action1 c n nominations and re-nominations will be needed prior the next meeting of to the Un t d Nations Joint StaffPension Board which is scheduled begin on 15 July 2010 i1 ondon. An early decision would facilitate the processing of Board docum �r tation.
8. Your a �t ntion to this matter will be appreciated. Note to the Chef de Cabinet
Membership of the Investments Committee
se find attached a self-explanatory memorandum to the Secretary-General is approval:
A) as regular members of the I�n�r;;;;t� c 1menc ing 1 January 2011;
ion Board and, subsequently, the on the ..,..---=�� ACABQ ointment of Ms. e ene P France) as a regular member of the Investments
mmittee for a .QJ.le-Y,ear term commencing 1 January 2011. She would meet the year term limit on 3 I December 2011;
to consult with the Pension Board and, subsequently, the ACABQ on the pointment o r. imon tang China) as a regular member of the Investments ommittee for a tmee-year rm commencing 1 January 2011;
) to consult with the Pension Board and, subsequently, the ACABQ on the e-appointment of Mr. Iv�itzerland) as an�ember of the nvestments Committee for (� term commenc\"i1gT'January 2011;
Your attention and kind action on this matter would be greatly appreciated.
Warren Sach 2 July 2010