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 2022

The Supervisory Board concludes that the fund is well managed.

Follow-up on 2020 recommendations

Internal supervision evaluates the follow-up that the Board gives to previous internal supervision recommendations. The following topics were identified for 2020:

1. Take responsibility
2. Considered appointments
3. Promote transparency
4. Board policy based on IORP-2
5. Board ESG policy
6. Board crisis management and business community policy
7. The Pension Agreement and the possible consequences for DPS
8. The Supervisory Board took note of the report from the Board, which clarified the follow-up to the Supervisory Board’s recommendations over 2020. The Supervisory Board is of the opinion that the Board has followed up the relevant recommendations effectively.

The Supervisory Board took note of the report from the Board, which clarified the follow-up to the Supervisory Board’s recommendations over 2020. 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 relevant standards were met apart from standards 25, 33, and 34.

• Standard 25:
  According to the code, every Board member has voting rights. The external Chairman is not formally a Board member and, therefore, has no voting rights. In this respect this provision is not in conflict with the code.
• Standard 33:
  In both the Board as well as the AC or stakeholder body there is at least one woman and one man and there are people both above and below the age of forty. The Board has produced an action plan to promote diversity.
• Standard 34:
  The maximum term of office of a Board member is four years. A Board member can be reappointed twice. The fund’s statutes changed in 2021. A Board member can now be reappointed three times instead of twice.

Specific focus points for 2021

The specific focus points for 2021 were:

• Members’ own risk assessment (ERB).
• Managing IT and outsourcing risks.
• Future Pensions Act.

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).