The Supervisory Board supervises PDN's Board and evaluates the Board's performance and the processes it uses. The Supervisory Board is made up of three members. 

In performing its duties, the Supervisory Board (SB) abides by the supervision code established by the Vereniging Intern Toezichthouders Pensioensector (the Association of Internal Supervisors for the Pension Sector) and the Code of Dutch Pension Funds.

In consultation with the Board, the Supervisory Board formulated an annual plan for 2020 including the specific focus themes and priorities for the Supervisory Board, alongside its standard tasks. In this reporting year, these were:

1. Governance, practice instead of policy. 

• In 2019, the Supervisory Board focused on the policy of how the Board arranges the necessary safeguards for high-quality continuity of suitable Board members. In 2020, the Supervisory Board focused on the practice of governance. This was particular a focus in 2020 as, according to the schedule, three Board members were to stand down. This included what the Board does and how it does this to ensure that appointments are made in time.
• Does the implementation of the key functions offer practical added value and is the way it is implemented workable and useful (particularly the combination of key function holder-Board member).
  
  

2. Balance sheet management.

• Contribute to the fund objectives.
• Phases in the balance sheet management chain.
  
  

Summary conclusion

The Supervisory Board compliments the Board with the results of its efforts and all activities that were addressed and implemented in 2020. Certainly considering the Covid-19 restrictions and additional actions required because of these. The implementation of the actions of the investment survey conducted by DNB, filling vacancies, clarifying the role division of board/committees and support, introducing key function holders, risk awareness, new pension scheme starting from 2021, and preparations for the new pension system were addressed dynamically and/or concluded. The Board functioned effectively as a team. The Supervisory Board has every confidence that the Board will also be able to handle the complexity of the transition to the new system.

2021 priorities

In addition to the statutory minimum tasks, the Supervisory Board will focus on the following priorities in 2021:

1. Own Risk Assessment (IORP II)
2. Preparations for the new pension system (from Action Plan, planning, to involving social partners and communication with members.)

Supervisory Board statement

Based on its observations, the Supervisory Board approves the decision made by the Board to adopt the 2020 Management Report and 2020 Annual Accounts.