PGGM, PFZW and Follow This agree at shareholders meetings, write Andres van der Linden and Piet Klop.
PGGM manages the pensions of various pension funds, the affiliated employers and their employees. On 31 March 2022, we managed pension assets worth 273 billion euros for 4.4 million participants.
Organisation and governance
PGGM Coöperatie U.A is the sole shareholder of PGGM N.V. Neither PGGM Coöperatie U.A nor PGGM N.V. are listed on the stock exchange. For that reason, we are not obliged to comply with the Netherlands Corporate Governance Code, which only applies to listed companies. Nevertheless, where possible we are keen to implement the best practices described in this code. We do so because we support the underlying idea and wish to be as transparent as possible for all interested parties and the parties with whom we do business.
PGGM Coöperatie U.A. was founded by the social partners in the health and welfare sector. The members of the cooperative are employees and pensioners in the sector. PGGM operates without a profit motive. Making a profit is not a goal but a means to continually improve the service provision to members of the cooperative. The cooperative is governed by the Cooperative Council. This Council is accountable to the Pension Council.
The Members’ Council is the most senior body of PGGM Coöperatie, consisting of 45 members and with an independent chairperson. The Members’ Council represents the members of the cooperative, totalling more than 765,000. The Members’ Council is the link between the Cooperative Council and the members, it provides input and ideas for the cooperative and promotes the influence and involvement of members. The Members’ Council thus ensures direct influence from the sector on PGGM policy.
The Cooperative Board is responsible for the identity, mission, vision and financial and other policy frameworks of PGGM Coöperatie and is accountable for these to the Members’ Council.
The Supervisory Board consists of six members and has two committees: the Audit, Risk and Compliance Committee and the Remuneration, Selection and Appointments Committee. The Supervisory Board oversees the operations of the Executive Board of PGGM N.V. and the general affairs of the company. The Remuneration Committee also holds annual meetings with EC members, in addition to meetings with members of the Executive Board. Finally, the Supervisory Board plays an advisory role in the appointment, suspension and dismissal of all EC members.
The Executive Committee comprises five members, including two members of the Executive Board: the Chief Executive Officer and the Chief Financial & Risk Officer.
Short-term crises should not obscure our sight on long-term risk like loss of biodiversity and nature loss, say Eloisa Menguzzo and Andres van der Linden.
A super market chain with an unusual business model became one of our signature listed impact investments, says Marek Troszczynski van Genderen.