Pension funds must submit to the supervisory authority a statement of the principles of their investment policy 1. no later than four months after the end of a financial year, and 2. without delay after a material change in investment policy. The statement must address at least the process of risk assessment and risk management, the strategy, and the question of how the investment policy takes into account environmental, social, and governance matters. Pension funds must make the statement publicly available. The statement must be reviewed no later than after three years.