The activities of the Board are monitored by the Supervisory Board. The Supervisory Board monitors for example the policy, adequate risk management and a well-balanced evaluation of interests. The Supervisory Board consists of three members.

Composition as of May 2021

The Supervisory Board concludes that the fund is well managed and that the Board is in control.

Follow-up on 2019 recommendations

Internal supervision evaluates the follow-up that the Board gives to previous internal supervision recommendations. The following themes were identified for 2019:

1. ICT risk management
2. IORP II and its effect and functioning
3. The Board's risk attitude
4. Strategic risks
5. Communication with members
6. Suitability policy
7. Socially Responsible Investing

The Supervisory Board took note of the report from the Board, which clarified the follow-up to the Supervisory Board’s recommendations over 2019. The Supervisory Board is of the opinion that the Board has followed up the relevant recommendations effectively.

Pension fund code

The Board has incorporated the recommendations and best practices from the Pension fund code in its business operations. This code comprises 65 standards, divided into eight themes:

• engender and confirm confidence
• take responsibility
• act with integrity
• aim for quality
• careful procedures
• appropriate remuneration
• supervise and safeguard participation
• promote transparency

The Board conducted an analysis on compliance with the Code. This analysis showed that all 65 standards were met apart from standard 33. Standard 33: “In both the Board as well as the Accountability Council or stakeholders body is at least one woman and one man. There are people both above and below the age of forty in the Board, Accountability Council or stakeholders body. The Board has produced a step-by-step plan to promote diversity.”

Specific focus points for 2020

The specific focus points for 2020 were:

• The management policy as a result of IORP-II.
• The management policy regarding ESG.
• The management policy regarding crisis management and business continuity, including the IT security policy and tender policy.
• The pension agreement and the potential consequences of this for the fund and its administrator, DPS.

The full text of the Supervisory Board's findings and recommendations and the response of SPF's Board can be read in SPF's annual report (PDF, in Dutch only).