PREVI :: Annual Report 2008

from the Executive Board from the Deliberative Body from the Audit Committee from Plano 1's Consultative Council from PREVI Futuro's Consultative Council

PREVI: Who we are, Mission, Vision, Values Composition of the Management

Investments Governance Management Social Security

Socioenvironmental responsibility Customer Service Risk Planning & Management

Benefit Plan 1 PREVI Futuro Benefit Plan CAPEC

Balance Sheet Result Statement Financial Flow Demonstration Asset and Result Statement - Benefit Plan 1 Asset and Result Statement - PREVI Futuro Benefit Plan Asset and Result Statement - Capec Benefit Plan

Independent Auditors Audit Committee Deliberative Body

Home :: Messages : Message from the Audit Committee

Message from the Audit Committee

2008 put the management structure and the balance of the benefits plans, particularly Plan 1, the investments of which are largely allocated to Variable Income, to the test. In spite of the adverse scenario of the second half of the year, and notwithstanding the negative result of the fiscal year, PREVI maintained the surplus status of Plan 1 and, in the PREVI Futuro Plan, it reached the mark of R$1 billion in assets and upwards of 52,000 members.

Even under the intense effects of the economic crisis, asset and liability management ensured the maintenance of the actuarial balance and solidity of Plan 1.

In PREVI Futuro, the highlights were the opening of credit lines real estate and the high level of adhesion to the Plan, the biggest in history. The latter shows the trust the new employees have in PREVI and in its managers. The quality of the investments made in Variable Income, which allowed for dividend returns and interest on equity of more than R$2.2 million, which were incorporated straight into the Plan’s results and to the participants’ quotas, is also noteworthy.

The renewal of a part of the directors – appointed and elected in 2008 – once again proved that the model of joint representation is a vigorous management tool at PREVI.

Under the light of the reviews performed throughout 2008, of the collection of information that composes this Report, and considering the current global economic scenario, we can state our conviction that the Audit Committee’s performance through the years has been fundamentally important to improve and consolidate PREVI’S management mechanisms, influencing not only the Entity’s internal control system, but its management and risk mitigation actions as well.

The results – although negative from the economic viewpoint in 2008 – show that the decisions that were made collectively were right, allowing the members to have peace of mind that their benefit plans have been managed rigorously from the technical point of view, based on an ethical stance, and with commitment to transparency.

Please take some time to read this Report.

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