NETHERLANDS - PGGM chairman of the executive directors, Karel Noordzij, has resigned from his post following an "irreconcilable difference of opinion" with the board of governors on policy within the pension fund.
In an announcement this morning, the e71.5bn fund confirmed it had been “jointly decided to end the relationship” between Noordzij and PGGM. He had consequently resigned from his post.
A spokesperson for PGGM said the dispute was not over one specific issue, but rather a disagreement on an “array of general policies”.
A spokesperson for the fund told Global Pensions Noordzij would receive a sum of around e500 000 as part of his departure. “PGGM has a deal with a number of its executive staff that pays them 24 months salary if they leave before their contract expires.”
PGGM said the board of governors would be discussing the appointment of a successor. In the interim, the other executive directors would take over Noordzij’s duties, with Heino van Essen as acting chairman.
Noordzij was appointed chairman in March 2004, following the resignation of Dick de Beus.
He was a director and interim chairman of the Dutch state-owned rail operator Nederlandse Spoorwegen for six months during 2002. His previous positions have included chairman and general manager of the Dutch transport and logistics organisation, Transport & Logistiek Nederland, and director of Schiphol Airport.
The announcement follows a recent decision by the pension fund to overhaul its investment management structure, abandoning conventional investment organisation based on asset classes.
Under the shake-up, PGGM appointed Leo Lueb, director of equities since November last year, as its new chief investment officer (CIO). In addition, the fund said it would “explicitly separate as well as manage” market risk, and the active investment policy.
By Damian Clarkson
The Pensions Regulator (TPR) and Labour MP Stephen Kinnock and will listen to the experiences of steelworkers when transferring their pensions away from the British Steel Pension Scheme (BSPS) next week in Port Talbot.
Just Group has acquired a 75% stake in the holding company of Corinthian Pension Consulting in a bid to strengthen its professional defined benefit (DB) advisory services.
The Pensions Regulator (TPR) has exercised its production order power under the Proceeds of Crime Act 2002 for the very first time as part of a fraud investigation.
The ITN Limited Pension Scheme has named Trafalgar House as its administrator for an initial term of five years.