NETHERLANDS - Cordares chairman, Joep Schouten, has reportedly argued the internal supervision required under new Dutch pension fund governance rules could be perceived as misleading.
The rules require pension schemes to set up internal supervision allowing independent experts to evaluate the functioning of the pension fund and its management.
But Schouten reportedly said the new internal supervisory body lacked any real teeth.
According to reports, Schouten said: “If you think there is meaningful internal supervision, while in fact the supervision doesn’t matter, then people trust in something that doesn’t exist. This would be misleading.”
Schouten, who will leave the pensions organisation on 1 October 2007, was said to have made the comments during a discussion at the Amsterdam-based securities bank, KAS Bank, last week.
He will be replaced at the €25.5bn (£17.2m) pensions organisation by Adri van der Wurff.
Releasing its annual results, Cordares recently reported an increase of 25% in assets under management and an increase of 7.5% to €207m (£140m) in turnover.
In October last year, Global Pensions reported that in a discussion paper on funding rules and actuarial methods, Colin Pugh, fellow of the Society of Actuaries, UK, said an environment of constantly changing Dutch legislation was not conducive to the efficient operation of pension funds.
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.