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PGGM promotes finance chief van de Kieft to board

NETHERLANDS – The 44.5 billion euro Dutch healthcare and social service pension fund PGGM has appointed finance director Rene van de Kieft to its board, in a bid to make the finance function more accountable.

The new appointment seeks “to make it possible for the director to have a direct link to the trustees,” said Alfred Kool, director of corporate communications.

The appointment takes the fund’s executive board from three to four, said Alfred Kool, director of corporate communications. The other members are chairman Dick de Beus, chief investment officer Roderick Munsters and services chief Heino van Essen.

Van de Kieft, 40, joined Zeist-based PGGM in 1999 as director of finance and control.

The fund reported returns of –1.9% for the first quarter of 2003, which followed a –7.3% return in 2002. Since 1970 is has returned +8.6%.

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