Letter from the president
2009 was a year which stood out thanks to the economic recovery after the impact of the financial crisis that afflicted the world's economy in 2008. In a scenario still considered somewhat uncertain by many economists, the results of PREVI's investments exceeded expectations and were quite satisfactory, as a result of the adequate management of assets and reflection of Brazil's economic recovery. The profitability of the two plans managed by PREVI exceeded in 2009 the actuarial goals and the average profitability of the Pension Funds as a whole.
Besides the recovery of earning power over investments, the period under review showed other important accomplishments regarding PREVI's management. During the previous year we established and divulged our socio-environmental policy and actively participated in the PRI - Principles for Responsible Investment - confirming our position with regard to the adoption of responsible practices in investments, and our understanding as to the role that the large institutional investors can assume in the construction of a new model of development that might bring benefits to the whole society.
Those accomplishments, among many other actions undertaken during 2009, derived from the great deal of consideration to the questions related to sustainability dedicated by PREVI during the last few years. All actions related to sustainability, including the elaboration of PREVI's socio-environmental responsibility policy and the definition about the contents of this report, counted with an ample participation and dialogue, and mobilized representatives from all the different publics related to that entity.
That orientation towards dialogue reflects PREVI's position that sustainability is a subject that deserves to be dealt with under different points of view, and with a great participation and proximity of all involved. And this is a moment in which that consideration gains even more importance. Within the next few months the whole country will choose its new public representatives in government, by means of a democratic electoral process, one of the main achievements in Brazil's recent history. PREVI will also undergo through a similar process which will result in the renewal of part of their directors and boards.
That will be a moment dedicated to evaluate propositions and accomplishments, and also to ponder about our participation in the construction of new realities for the whole society.
I wish you all a good reading.
Sérgio Ricardo Silva Rosa
President of Previ