The Accountability Council (AC) is tasked with producing an assessment of Board policy implemented in 2023 as well as its policy proposals for the future. The AC is made up of eight members.

Composition in 2023

The Accountability Council’s Assessment of 2023

The Accountability Council (AC) is positive about the Board’s proactive and transparent working method in consulting with the AC. The AC issued positive advice four times in 2023. In cases in which the AC was required to offer its input it was able to do this in a timely manner.

The AC concluded for 2023 that the Board had kept the AC informed of policy intentions and decisions taken by the Board. The Board also provided timely information about proposed decisions, so that the AC was able to issue sound advice. The AC assessed the decisions taken by the Board in 2023 as balanced. For the AC, it is important that it gains greater prior insight into how the Board usually chooses between various options and scenarios and which frameworks the Board uses to make reasoned decisions. The Board’s approach to its relationship with the AC in 2023 helped ensure that this happened where possible. The standard provision of decision documents for proposed Board decisions that require AC advice, as requested by the AC in its recommendations last year, has been practised by the Board. The AC assumes that this will also continue in the future.

Elections

In the second half of 2023, the AC organised elections for the seats on behalf of the members and the pensioners. A large number of people put themselves forward for election for the seats on behalf of pensioners. For the two seats on behalf of the members, just two people put themselves forward for election, which is why elections for the seats on behalf of the members did not take place. The available candidates were appointed or reappointed as members of the Accountability Council. As turnout among members was disappointing, the AC would like to work in cooperation with the Board and the employers, to focus on promoting the importance of a good representation of members in the AC.

Two AC members were offered a seat in the Board in 2023. Peter Pasmans and Laurine Lemon were appointed as fund Board members in the second half of 2023, following assessment by DNB. The vacant AC positions were filled by Audrey Ringens, nominated by the employer, and Jan Schreuder on behalf of the members, following elections at the end of 2023.

In early 2024, Meindert Dijkstra and Arno Smeets (prospective AC member) both stepped down on behalf of the pensioners and, in line with AC regulations, their seats were taken by the first available candidates from the last held elections, Ton de Boer and Albert Noteborn (current AC member, with reappointment as of 1 July 2024). Marjon Doggen-Muijres and Feike Hylarides were also elected during the last elections, and both were appointed as prospective AC members. The prospective members become AC members on 1 July 2024. They have been participating in AC meetings and knowledge sessions since November to optimise their transition. A training programme has been established, should this be needed for new members and prospective members.

Follow-up recommendations for 2022 (in 2023)

The Board addressed the AC’s recommendations. Important topics such as developing a balancing framework and identifying the strategic options for Pensioenfonds PDN after the transition are in progress and will be further developed in 2024. The AC made various recommendations with respect to communication last year and noted the Board’s attempts use a layered form of communication to make this complex subject understandable for members, deferred members and pensioners (from global to more in-depth, down to the fine details depending on the reader’s interest). 

Information was also provided in the framework of the Future Pensions Act although, due to delays in the transition process and the preparations for the Future Pensions Act, it has not yet been possible to provide concrete news relevant to members, deferred members and pensioners. Nevertheless, a focus on communication will continue to require the Board’s ongoing attention. With respect to risk management, several triggers defined in the ERB did not take place, which meant that the planned actions were not necessary.

Recommendation

• Ensure that reporting regarding the follow-up to the recommendations is a periodic agenda point during the consultations with the AC.

Summary Evaluation

In the AC’s opinion, the policy adopted by the Board and the decisions taken by the Board in 2023 were in the interests of members, deferred members and pensioners. In taking decisions, the Board explicitly considered the interests of all stakeholders in its decision-making process. Over the past year, the Board included the AC in a timely way during its decision-making process on important decisions, including the contribution policy and the indexation decision, as well as providing insight into its deliberations regarding the alternatives. The AC is confident that the Board will share the balancing framework in the context of the Future Pensions Act transition, which is currently in development, with the AC in early 2024.

Recommendations

The AC is making the following recommendations, based on its findings:

Strategic developments

• Clarify which strategic options are available to Pensioenfonds PDN after the Future Pensions Act transition, taking the developments at the employer and the affiliated companies into account. Also focus on the administrative governance and particularly on the issue of whether the parity governance model is still the most appropriate. Conclude the realisation of a long-term vision and define the follow-up steps.

Governance

• Although the Executive Board members are now the primary contact point for the AC, the AC is committed to continuing the current working method in which the AC can, if desired, also invite other Board members to participate in the AC consultations, particularly where this concerns issues in which Board members are more specifically involved.

DSM Pension Services (DPS) acquisition

• The AC recommends that the Board maintains a strict separation between Pensioenfonds PDN’s customer relationship with DPS and the shareholder relationship between the two.

Pensions

• Share the documents currently being developed as part of the Future Pensions Act process, the schedule and the balancing framework with the AC in time and discuss the AC’s Future Pensions Act action plan in order to achieve a concerted approach to the Future Pensions Act transition.

Communication

• Involve the AC in time when forming the new communication policy, the communication plans in the context of the Future Pensions Act and the approach to guiding choices. In doing so, ensure that the costs involved are clear and include these in the deliberations regarding alternatives.

Investments

• Analyse the possibilities of protecting the funding level and, in doing so, facilitate the desired scenario for the Future Pensions Act transition.

Risk management

• Evaluate any pending actions from ERB 2021/2023 and indicate whether these will be addressed or included in the new ERB.

Priorities for 2024

The most important priorities on which the AC aims to focus in 2024 are:

1. Progressing the Future Pensions Act transition, partly based on its own action plan, which is to be coordinated with the Board. 
2. Communications towards members and pensioners in the context of the Future Pensions Act.
3. The formation of a future vision for Pensioenfonds PDN after the Future Pensions Act transition.
4. Monitoring the general implementation costs and the Future Pensions Act project costs