NETHERLANDS - A report commissioned by the Dutch government today said that Dutch pension funds should formulate a uniform governance code which has to be implemented by 2007.
Professor Steven Schuit, a partner at Allen & Overy, who was appointed to conduct a review on pension fund governance, said in his report that to improve transparency and accountability of Dutch funds there was an urgent need for a common policy applicable to all pension funds. Schuyt will submit his final recommendations in August.
At a seminar organised by the Ministry of Social Affairs and Employment, the minister Aart Jan de Geus said: “I am looking forward to an offer (on pension fund governance) from pension funds, that I cannot refuse.”
In a related development, the Dutch Association of Industry wide pension funds (VB) today said that it had formulated the outlines and principles for a pension fund governance policy, which had been adopted by its board. The association will submit the code to its members and stakeholders for consultation in July.
The policy, which has been formulated by a VB working group headed by Peter de Koning, a member of the Tabaksblat Committee, will be presented at the autumn general meeting of the VB on November 16 2004.
“A code that incorporates transparency, accountability, supervision and control is in keeping with the traditions of the VB transparency plan the Industry-wide Information System (BIS) and the development of the Pension Fund Standard, a quality mark for pension funds,” the VB said in a press statement today.
The development of the policy follows an appeal made by the then State Secretary for Social Affairs and Employment at the VB general meeting in November 2003.
Dutch pensions are working on their own code of pension fund governance on the lines of the Tabaksblat code - Dutch corporate governance code.
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