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PGGM names external audit committee members

NETHERLANDS - PGGM, the €77bn Dutch healthcare scheme, has named three external members on its audit committee, as a consequence of the new Pension Fund Governance Principles.

Wim van den Goorbergh, Hans Gortemaker and Nol Hoevenaars have been appointed as of November 22, it said.

The three will also act as the internal supervisory committee. They will report on policy and governance procedures and processes, as well as checks and balances at the pension fund every year, PGGM added.

PGGM's audit committee consist of seven members in total, four of whom are board members at the scheme. Two of them represent the employers, the other two are appointed by the employees.

The Principles for Pension Fund Governance, or PFG, have been developed by the Labour Foundation, also known as STAR. The principles are a response to Social Affairs minister Aart Jan de Geus's request to create a system of self-regulation for PFG.

Recently, de Geus has indicated that he wants to introduce the governance principles already as of January 1 2007. The three Dutch pension associations have however urged him to stick to January 1 2008, as initially agreed.

PGGM is the second largest pension fund in the Netherlands. It has almost 2m participants in the healthcare and social work sector.

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