This part of the guidelines refers to the processes that the investing institution must put into place to meet governance requirements and ultimately meet its investment objectives. These processes apply whether the investment itself is carried out by an internal investment unit or an external manager.

These processes should be considered after the principles regarding investment (Part A) and structure (Part B) have been determined. Although the guidelines in this part apply to a differing extent, depending on the nature of the social security reserve fund and its liabilities, size and other characteristics, it is expected that all these guidelines should be considered by social security institutions in the investment of their reserve funds.