The changes entail a requirement for all investing in government securities to be via collective investment schemes (“Investment Funds”) and for these funds to be allowed to invest in government securities with a residual term to maturity of less than 12 months. There has also been an adjustment to the ratings requirement for government securities than the relevant funds may invest in.

Investing in funds further increases the distance to investment decisions. In addition, the current mandate had entailed unintended fluctuations in tax losses and gains. These will now be smoothed. 

The changes have been incorporated into Appendix 1 to the Amended and Restated Agreement of Undertaking and into Appendix 1 to the Amended and Restated Investment Agreement. The updated appendices are published together with other documents related to Tangen’s employment contract on this web page: Final employment contract with Tangen.