NETHERLANDS - The introduction of the Dutch code for corporate governance for pension funds will be delayed again, and probably won’t be published until much later in the year.

“The planning has been a bit too ambitious, because of the complexity of a number of issues,” labour foundation member Gerard Verheij said. The foundation, also known as Star, has been charged with designing the code.

There are several issues under discussion. These include who has the say within pension funds, corporate governance in an insurance-based scheme and the development of non-core activities.

As far as the foundation of company pension funds, or OPF, is concerned, schemes will get a lot of space for implementing the code.

“We want strict principles, but as little structure as possible, because we want a lot of freedom for the implementation,” said OPF deputy director Rob Kragten. Critics fear the code won’t work for all 700 schemes.

The Dutch Association of Industry-wide Pension Funds, or VB, has pleaded in favour of a supervisory committee of employers, employees and pensioners.

Advisers of social affairs minister Aart Jan de Geus have proposed a broad committee for accountability and an independent supervisory board.

The concept code will probably be a compromise. “We don’t want to interfere with the internal arrangements of pension funds,” said Star’s Verheij, who chairs the body’s corporate governance committee.

“We’ll supply the requirements for the accountability and participation. This will leave space for tailor-made solutions.”

According to Verheij, Star will ask the minister to incorporate the proposals in the new Pensions Bill. “We will propose an evaluation in early 2007,” he added. The social affairs minister threatened to introduce legislation, if the sector, which has €500bn of assets, doesn’t regulate itself.

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