NETHERLANDS - The 11 Dutch occupational pension funds are developing their own code for corporate governance.
One of the options of the concept text is one internal supervisory body for all schemes, confirmed Rene Bastian, director of the Association of Occupational Pension Funds, or UVB.
“We want to offer the individual funds the option of a central supervisory body, instead of one for each scheme,” he said. Bastian declined to give more details of the concept code, which will be published next month.
However, according to the daily Het Financieele Dagblad, the occupational schemes are also considering combining the supervisory body with the ‘occupational pension society’, an accountable institution which might become mandatory for pension schemes.
Social Affairs Minister Aart Jan de Geus has demanded a code of governance for pension funds. He wants separate bodies – one for accountability and one for supervision - to be set up for each scheme.
The occupational schemes have chosen for a different model of corporate governance than most other pension funds, which is at present being developed by a working party from the Labour Foundation.
“Our kind of governance is very different. The boards don’t have employers and employees as members. Our board members are employers and employees at the same time,” the UVB director explained.
The occupational pension funds – among which schemes for medical professions - have 55,000 active members and 16,000 pensioners. They have around €15bn in combined assets under management.