The management implements a board-approved policy on disclosure of information. The policy identifies the limited instances when the management may choose to exercise discretion in the disclosure of information to stakeholders.

Open dissemination of key information about the social security institution does not necessarily imply transparency. To be transparent, such information, which is a basic right for stakeholders, members and beneficiaries of the social security scheme, should be timely, reliable, relevant, accurate and objectively verifiable.

The management establishes a code of ethics and a set of standards and benchmarks for its officers and staff.

The management implements board-approved measures to ensure the financial sustainability of each of the social security programmes run by the institution.

For social security institutions that have an investment mandate, the management ensures that it has the technical expertise to manage the investments of the social security institution. In particular, it manages liquid assets so as to guarantee the timely and accurate payment of benefits, in each of the social security programmes run by the institution. Legislation, policy or decree establishes the legal liability of the management and/or its designated agents for fraudulent investments.

The accountability of the management is enhanced by internal and external systems of control.

The management ensures that it identifies the risks that the institution faces, proposes policies and measures to manage or avert these, and implements those that are approved by the board. These risks may arise in various forms, including but not limited to strategic, operational, political, economic, regulatory, geographic and demographic risks.

The management submits for board approval a strategic plan that lays down and spells out the key strategies and plans of action to be implemented by the management in order to realize and perform the legislated mandate of the institution.

Section B.1 provides more guidelines on the strategic planning process, with corresponding structures and mechanisms to facilitate the application of the guidelines.

Legislation, policy or decree establishes the legal liability of the management.

The Head of Management is suitable and competent to fill the position in the social security institution. The term of office of the Head of Management and the basis for its renewal (if it is renewable) are clear and well defined.