The managing board of NN CDC Pensioenfonds is accountable to the supervisory board (in Dutch: Verantwoordingsorgaan, or VO) with regard to the contents of its policies and how they are executed. The supervisory board also has the right to advise on issues including pension contributions and the remuneration policy. The supervisory board's chair, Marc van Loo, explains how this works and what it means for you as a participant in five questions below.

Who determines the composition of the supervisory board? Why and how?
“The supervisory board comprises four members, two of whom (Nienke Boersma and Hugo Baartman) represent the employer and two (Ingmar Minderhoud and Marc van Loo) representing the employees. We expect that growing pension awareness among participants will lead to a larger number of candidates for the positions of employee representatives in the future. In addition, initiatives like the Pension Fund Academy have sparked interest in the topic of pension within NN Group, even among young employees.

In order to serve the interests of all target groups, the supervisory board members need to be selected carefully. We work with a competence profile and match this with the possible candidates. Our goal is to compose a supervisory board whose members are experts on pension matters. Moreover, it’s also important that the supervisory board is a good reflection of the constituency in terms of diversity.”

How does the supervisory board stay in touch with its constituents in order to serve their interests optimally?
“Given that we all work for NN Group, we ourselves are part of the constituency. So we automatically hear what people are worried about when it comes to their pension. We also stay in touch with employees by being present at internal events like the 3-day event ‘Pensioen3daagse’. And we regularly talk with people who approach us, for example from the Pension Fund Academy, to find out more about what the supervisory board does and believes in. In May we will attend the closing session of the Pension Fund Academy. These contacts help us fulfil our supervisory role.”

“The supervisory board needs its members to be experts on pension matters as well as a good reflection of the constituency in terms of diversity.”

Do the participants notice the involvement of the supervisory board in the pension fund's day-to-day affairs?
“We are not the ones who make the policies. The pension plan is the result of a pension agreement between the social partners. The pension fund administers the pension plan and the supervisory board monitors how the managing board executes the pension fund's policies. The supervisory board also has the right to advise on issues including pension contributions and the remuneration policy. Participants don't really notice the supervisory board's involvement because all communications run through the pension fund. However, they can read the supervisory board's report on the past year in the pension fund’s annual report, as well as the managing board's response to that.”

The Pension Fund Academy gives talented young people from all backgrounds a glimpse into the world of NN's pension funds. Why does the supervisory board value this experience?
“The Pension Fund Academy has boosted people’s interest in the topic of pension and made it a more important issue to our employees. The supervisory board is happy about this development. The Academy gives young employees the opportunity to learn more about all aspects of the pension fund, from investments, risk & finance to communication and dilemmas in the boardroom. The supervisory board has achieved its targeted level of diversity in terms of young/old and male/female. The Pension Fund Academy will hopefully help us maintain that level in the future.”

What pension themes are on the supervisory board’s agenda and why?
“The implementation of the new pension plan with effect from 1 January 2019 is an important issue. But there are also other pension themes we consider very important for 2018, like socially responsible investments, participants’ risk appetite, diversity in the board and how the pension fund communicates with participants.”