The AC’s assessment is positive. Important elements that determine that assessment are:
The AC formulated the following priorities for the coming year:
The Future Pensions Act
The AC aims to keep a careful watch over all relevant aspects of the Future Pensions Act, especially as the AC is expected to be asked to give its opinion on the balance of the chosen interpretation by end 2023. The developments relating to DPS and administration continuity play a role in this.
The IT Policy
Concrete adaptations, as stated in the IT Strategy, 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 possible 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?
A further priority is how balanced management decisions are justified. To assess the balance of transition plans, the AC will draw up criteria and will ensure timely coordination with the Board so that these can be taken into account at the decision-making stage.
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. The complete evaluation by the Accountability Council and the SPF Board’s response to the evaluation can be read in the SPF annual report (PDF in Dutch only).