Facts
In this case, it was about the Foundation [N.] of the company S. AG, a paternalistic welfare fund. The supervisory authority had instructed the foundation to establish an investment and a partial liquidation regulation. The Foundation [N.] appealed against this order.Considerations
The Federal Court decided that paternalistic welfare funds are generally obliged to establish an investment regulation in accordance with Art. 49a para. 2 lit. a OPO 2. This results from the reference in Art. 89bis para. 6 no. 18 CC to Art. 71 OPA, which regulates asset management. The provisions on investment regulations (Art. 49-58a OPO 2) are to be applied accordingly to paternalistic welfare funds.
The Federal Court emphasized that the specific circumstances of the paternalistic welfare fund must be taken into account in the design of the investment regulation. Thus, in relatively modest circumstances, a rather elementary regulation design may be sufficient. The size of the fund and the amount of benefit payments are…