The Brazilian Pension Funds Authority published the full text of a note sent to O Estado de S. Paulo setting out how it supervises and inspects Caixa de Previdência dos Funcionários do Banco do Brasil (PREVI-BB) and summarising its current supervisory reading of the fund’s reported results. It states that PREVI-BB is subject to “Permanent Supervision” and that its examination points to a conjunctural negative result without atypical issues in plan solvency or director conduct, with no current liquidity or insolvency risk and no deficit recovery plan required for Plan 1. PREVI-BB’s reported negative result of BRL 14 billion up to November 2024, which remains subject to independent external audit for the year-end close, is described as comprising more than BRL 10 billion from investment performance and around BRL 4 billion from changes in mathematical provisions. Permanent Supervision is described as continuous in loco procedures led by Federal Revenue auditors working within the authority, complemented by indirect monitoring, with outputs including recommendations, determinations and conduct-adjustment terms for management. The authority highlights the Investment Policy as the primary document reviewed, which must comply with National Monetary Council Resolution 4,994/2022, National Council for Complementary Pension System guidelines, PREVIC Resolution 23/2023 and internal governance rules, and it references National Council for Complementary Pension System Resolution 30/2018 on deficit equating and surplus use as not being triggered for Plan 1 in 2024.

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