The Board acted on the AC’s advice in 2021 and rewrote its Mission, Vision, and Core Beliefs. Instead of focusing on the fund, the Board has placed members at the heart of the new mission statement. The AC is positive about this approach. The AC’s assessment is positive. Important elements that determine that assessment are:
- The Board has been proactive in taking initiatives to prepare for the introduction of the Pension Agreement. It does, however, depend on decision-making by the social partners.
- Governance is in good shape, partly because of a policy on succession planning. Vacancies that arise are filled in an efficient way. The key functions are arranged effectively and perform well. Many governance-related documents were also updated this year.
- During the pandemic, the Board maintained a steady course. No ad-hoc decisions were taken to change that course and the Board made a conscious decision to continue adhering to the long-term policy.
- Steps were also taken regarding ESG. The Board adopted the sustainability policy and started implementing control measures.
The Board acted on the AC’s advice in 2021 and rewrote its Mission, Vision, and Core Beliefs. Instead of focusing on the fund, the Board has placed members at the heart of the new mission statement. The AC is positive about this approach.
The Board also worked hard to increase diversity within and assure the continuity of the various fund bodies. The periodic organization of the SPF Academy is one of the means used to realize the policy. A training class started again in 2021. The AC is enthusiastic about the diversity of the group.
The Accountability Council’s spearheads for 2022
The AC formulated the following priorities for the coming year:
- The Pension Agreement. Although the Social Partners need to take the first step, a good communication plan is essential in involving all members in the coming developments. The AC aims to keep a careful watch over all relevant aspects of the Pension Agreement, especially as the AC will eventually be asked to give its opinion on how balanced the chosen interpretation is.
- IT Policy. Concrete adaptations are being introduced that result in further administrative “control” and the effectiveness of the chosen methods. The AC also considers the data quality project results to be vital and that the necessary improvement steps must be well prepared in transitioning to the new pension contract.
- Socially Responsible Investing. The AC will assess the extent to which SPF maintains its own course and its connection with developments at the employer, SABIC. Another important focus point is the impact of the policy: To what extent can any additional costs of the Socially Responsible Investing policy be justified?
- Balanced decisions. A further priority is how balanced management decisions are justified. The AC will also schedule topics according to the annual agenda, and the Executive Board will be asked to address these in the periodic consultation.
Important topics will be scheduled according to the Board’s annual agenda, and the Executive Board will be asked to adress these in the periodic consultation.
The complete evaluation by the Accountability Council and the response from SPF’s Board to the evaluation can be read in SPF’s annual report.