PGGM is a cooperative at the heart of society

In our opinion, a pension is more than simply money

  • Organisation and Governance

    The Dutch corporate governance code is applicable to all stock exchange listed companies in the Netherlands. PGGM subscribes to the principles and best practice provisions of this code.

    ​Although PGGM is not a listed company but has a cooperative structure, it ensures that, whenever possible, it gives substance to the best practice provisions of this code; as these provisions provide a framework for good corporate governance.

    Since January 2020, PGGM has been structured in the following way:

    PGGM Cooperative
    PGGM has a cooperative structure and operates as a non-profit institution. PGGM Coöperatie U.A. is the only shareholder in PGGM N.V. and was established by the social partners in the health and social sector. The members of the cooperative are employers and employees (plus their partners) in the health and social sector. Making a profit is not of itself an objective, but a means employed to ensure the cooperative’s members are continually being given a better service.

    The Cooperative’s Members’ Council
    The Members’ Council is the cooperative’s most important body; it has 45 members: fifteen representatives from employers’ organisations, fifteen representatives from employees’ and pensioners’ organisations and fifteen directly appointed members.

    ​The Members’ Council represents all the cooperative’s members; it acts as the communication link between the cooperative’s Executive Board and the members, and provides input and ideas for the cooperative. Furthermore, the Members’ Council is responsible for furthering both the members’ influence and their commitment. In so doing, the Members’ Council ensures the sector exerts a direct influence on PGGM’s policy.

    The Cooperative Board
    The Cooperative Board is responsible for the identity, mission, vision and the cooperative’s (financial) policy frameworks. The cooperative owns 100% of the shares in PGGM N.V. (the service provider). The Cooperative Board is accountable to the Members’ Council.

    Supervisory Board
    The Supervisory Board supervises the performance of the Executive Board and the general day-to-day affairs of the cooperative and its subsidiaries. In its work, the Supervisory Board is assisted by two committees: the Audit, Risk and Compliance Committee and the Remuneration, Selection and Appointments Committee.

    Executive Committee
    The Executive Committee undertakes the day-to-day management of PGGM N.V. The Executive Committee is made up of the people responsible for PGGM’s six business units. The chief executive officer and the chief financial risk officer, who collectively form the Executive Board, are joined in the Executive Committee by the chief of institutional business, the chief marketing officer, the chief investments manager and the chief operations officer.

    Executive Board
    The Executive Board has ultimate responsibility for PGGM’s day-to-day management. The Executive Board can be called to account by both the shareholder and the Supervisory Board.
  • Risk management and Compliance

    Compliance is concerned with integrity and the demonstrated adherence to laws and regulations. This touches the heart of PGGM. It is the foundation on which the trust that our stakeholders put in us, in particular our clients, is built.

    ​Risk management
    Regulators and government commissions have made various recommendations for corporate governance and supervision over the past years. PGGM joins in with measures to ensure good governance. Our clients and society as a whole are also increasingly calling for good risk management. Risk management is a systematic approach to risk in which threats and weaknesses are weighed against opportunities and strengths in an integrated, proactive and transparent way. PGGM’s risk management is based on the COSO Enterprise Risk Management (COSO ERM) method which is accepted internationally as the standard. Implementing risk management requires a good internal control environment and clearly formulated objectives.

    At PGGM the quality of the internal control environment is guaranteed by use of the ‘3 lines of defence’ model. In this model the line management (1st line), staff departments (2nd line) and Internal Audit department (3rd line) each have their own responsibility. PGGM attaches a great deal of importance to professional risk management and for this reason has both a Corporate Risk department and risk departments within the units. Within the concept of integrated risk management, the risk policy and risk appetite are determined by the Executive Committee.

    Assurance via ISAE 3402 Asset Management and Pension Management
    For assurance purposes, PGGM has two ISAE 3402 type II reports for Asset Management and Pension Management. These reports are issued by an external party. While the ISAE 3402 type II report for Asset Management is already multi-client, the report for Pension Management is concentrated on our largest client, PFZW.

    Compliance is concerned with integrity and the demonstrated adherence to laws and regulations. This touches the heart of PGGM. It is the foundation on which the trust that our clients put in us is built. Integrity concerns the conduct of all people associated with PGGM, be they employees, clients or partners. Integrity relates to the quality of the ethical considerations that every employee makes in his or her thoughts and actions in the day-to-day practice.

    The Executive Committee is ultimately responsible for managing compliance risks at PGGM. The Supervisory Board supervises this. The Executive Committee creates an environment and culture in which compliance is encouraged and understood. The line management and their employees are responsible for acting with integrity and ensuring ethical operations. Compliance enables the line management and employees to take responsibility by setting frameworks and guidelines and facilitating the translation of relevant legislation and regulation into compliance topics.

    Most recent update: December 13, 2011

Combining expertise and perspectives results in exciting new initiatives and solutions.


PGGM and Rabobank Nederland have a joint initiative: the Geld voor Later Wijzer [Money for Later Guide].
Via a special website, PGGM offers its members updated insight into and an overview of their current pension situation and its impact on their financial future. Members can take this information to the Rabobank, if they so wish, to get advice on solutions to supplement a possible pension shortfall, for instance.
With this initiative PGGM and Rabobank are responding to the need for transparency among pension participants. But transparency alone is not enough. With the Money for Later Guide PGGM and Rabobank ensure that members are not only well informed, but that they also become more pension-conscious. So that they can make decisions themselves.

The AARP promotes the interests of over-50s in the US and, with almost 40 million members, is the largest association in the world.
The cooperation encompasses three initiatives:

PGGM participates in the AARP ‘best employers award 50+’ programme, an international award for employers who actively champion the vitality of older employees.
AARP wants to start an appreciation campaign in the US similar to PGGM’s ‘Nederland bedankt de Zorg’ [The Netherlands thanks the Healthcare sector] campaign.
Each year, a ‘think tank’ of experts from AARP and PGGM is put together around a particular topic.

CZ / Rabobank / Achmea
In partnership with Rabobank, Achmea and CZ we are setting up a system to unlock social capital: Money is not the only currency for obtaining healthcare and assistance. It is also possible to exchange services. A place where you ask for help and offer help. When you provide help, you receive care guilders. You can exchange these for a service or care provision which you need.

Contact with PGGM

People meeting in PGGM's office
  • PGGM believes that every client is special. Customised services are always an option and we will give you advice about your wishes. Our main goal is to achieve the best results, together with you. We are more than happy to come by to discuss the possibilities.

    You are of course also very welcome to visit our office in Zeist. There you will be able to meet the people who work for PGGM and also witness first hand how they work.
  • ​Our address:
    Noordweg Noord 150
    3704 JG Zeist

    Correspondence address:
    PO Box 117
    3700 AC Zeist

    Map and directions (pdf)

    Responsible disclosure for ICT systems of PGGM

Do you have a question?

  • Do you have a question?

  • Maurice Wilbrink Spokesperson Read more

    Maurice Wilbrink
  • Michel de Jonge Expert policy advisor Public Affairs Read more

    Michel de Jonge