Major Danish and Dutch pension investors have become members of a restructured initiative focused on encouraging long-termism in business and investment, with the chief executive of €200bn Dutch asset manager PGGM announced as one of the organisation’s board members.

Launched as an initiative in 2013, Focusing Capital on the Long Term yesterday (28 September) announced that it has established itself as an independent entity, renamed as FCLT Global.

The not-for-profit organisation is dedicated to “developing practical tools and approaches that encourage long-term behaviours in business and investment decision-making”.

Its newly announced board members include executives of some of the world’s largest institutional investors, including Else Bos, chief executive at PGGM, and Chow-Kiat Lim, deputy group president and group CIO at Singaporean sovereign wealth fund GIC.

The Canada Pension Plan Investment Board (CPPIB) and the Washington State Investment Board are also represented.

The board was due to have its first meeting in New York City yesterday.

CPPIB and McKinsey & Company formed the initiative in 2013, with BlackRock, the Dow Chemical Company and Tata Sons joining them as founders.

Larry Fink, chairman and chief executive BlackRock, will serve as strategic adviser to the organisation.

Denmark’s €107bn statutory pension fund ATP and APG and PGGM – the asset managers of the €372bn Dutch civil service pension fund ABP and €179bn healthcare pension fund PFZW, respectively – are among the European members of FCLT Global. 

Focusing Capital on the Long Term, when still in the form of an initiative, was behind the launch of a long-term equity index by S&P, which was supported by ATP and PGGM and other large institutional investors