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Analisis & Pembahasan Manajemen Tata Kelola Dana Pensiun Laporan Keuangan Konsolidasi

Management Discussion & Analysis Good Pension Fund Governance Consolidated Financial Report

Porsi SBN NPA 2016 tercatat sebesar 74% dari total SBN The proportion of SBN NPA in 2016 was 74% of total SBN and
dan porsi SBN AFS sebesar 26% dimaksudkan guna SBS AFS proportion was 26% and was intended to reduce
meredam volatilitas harga pasar dan SPI dari SBN yang market price volatility and SPI from SBN that could affect the
dapat mempengaruhi hasil pengembangan bulanan yang monthly development results distributed to the Pension Fund
didistribusikan ke akun Peserta Dana Pensiun. member accounts.

Pengelolaan Portofolio Saham Bursa Stock Portfolio Management
Berdasarkan ketentuan Arahan Investasi DPBM No. 212 Tahun Based on the DPBM Investment Directive provision No. 212
2016 antara lain mengatur bahwa pengelolaan Saham Bursa of 2016, which included stipulations that the management
DPBM dilakukan seluruhnya dengan menggunakan bantuan of DPBM Stock Market transactions is conducted entirely
pihak ketiga yang kompeten atau manajer investasi (perusahaan by using the assistance of a competent external third party
aset manajemen) eskternal. Hal ini dimaksudkan guna dapat or investment manager (asset management company). It
mengoptimalkan hasil investasi dari instrumen saham bursa was intended to optimize the investment returns from stock
manajer investasi atau aset manajemen dipandang memiliki market instruments through investment managers or asset
eksperties dan pengalaman yang relatif lebih baik dan telah management, as they have better independent experience
memiliki minimal fungsi-fungsi investasi dan manajemen risiko and have minimal investments and risk management functions
yang terpisah dan independen sesuai ketentuan yang berlaku. in accordance with prevailing regulations.

Selama tahun 2016 DPBM menggunakan jasa 3 (tiga) manajer During 2016 DPBM used the services of 3 (three) external
investasi eksternal untuk pengelolaan saham bursanya, yaitu: investment managers for stock market management, namely:

1. PT Mandiri Manajemen Investasi, sejak September 2003 1. PT Mandiri Manajemen Investasi, since September 2003
Berdasarkan Perjanjian Pengelolaan Investasi No. 01/IM/ Based on Investment Management Agreement No. 01/
SKD2/X/2003 yang telah beberapa kali diubah, dengan IM/SKD2/X/2003, which has been amended several times,
perubahan terakhir adalah Perubahan dan Pernyataan with the last amendment being the amendment and re-
kembali Perjanjian Pengelolaan Investasi No. 010/MMI/ Statement of Investment Management Agreement No.
PKS/XI/2012 tanggal 29 November 2012. 010/MMI/PKS/XI/2012 dated November 29, 2012.
2. PT BNP Paribas IP, sejak Juni 2007 2. PT BNP Paribas IP, since June 2007
Berdasarkan Perjanjian Pengelolaan tanggal 15 Juni 2007 yang Based on Management Agreement dated June 15, 2007,
telah beberapa kali diubah, dengan Perubahan Adendum III which has been amended several times, with Amendment
untuk Pernyataan Kembali Terhadap Perjanjian Pengelolaan of Addendum III for Re-Statement of Investment Portfolio
Portofolio Investasi tanggal 16 Juli 2010 serta perubahan terakhir Management Agreement dated July 16, 2010 and the latest
pada Adendum VI tanggal 8 Februari 2013. amendment to Addendum VI dated February 8, 2013.
3. PT Bahana TCW Investment Management, sejak April 2015 3. PT Bahana TCW Investment Management, since April 2015
Berdasarkan perjanjian pengelolaan aset No. DPBM/PKS/ Based on the asset management agreement No. DPBM/
KOP/001/2015 tanggal 21 April 2017. PKS/KOP/001/2015 dated April 21, 2017.

Untuk tempat penyimpanan dan administrasi saham bursa For depositories and stock market administration and other
dan aset investasi lainnya, DPBM juga telah mengadakan kerja investment assets, DPBM has also entered into a physical
sama penyimpanan fisik dan pencatatan administrasi portofolio storage cooperation and administration of investment portfolio
investasi dengan PT Bank Mandiri (Persero) Tbk berdasarkan with PT Bank Mandiri (Persero) Tbk based on Custodian
Perjanjian Kustodian No. IFS/93/CS tanggal 27 April 2000 yang Agreement No. IFS/93/CS dated April 27, 2000, which has
telah beberapa kali diubah, dengan perubahan terakhir adalah been amended several times, with the last amendment being
Perjanjian Kustodian No. CS/93-A4/2010 tanggal 20 Agustus Custodian Agreement No. CS/93-A4/2dated August 20, 2010,
2010, yang akan diperpanjang secara otomatis untuk jangka which will be automatically renewed for another 1 (one) year
waktu 1 (satu) tahun berikutnya. period.

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