Recently, the 2018 Dutch Pension Fund Code was published. Although the substantive content of the Code has not changed much, the structure has been made more practical for pension funds. The Code now includes eight themes, including the following three: appoint with diligence, reward appropriately, and foster transparency.
To improve diversity, pension funds must prepare a step plan with concrete goals.
According to the Code, members of the accountability body are appointed by the board. The main rule is that members of the accountability body are dismissed by the accountability body. However, under exceptional circumstances, and in consultation with the supervisory body, the board can dismiss a member of the accountability body. Insofar as necessary, internal rules will need to be updated accordingly. The self-assessment rules have also changed.
Reporting on compliance with the Code must also be considered. The Federation of Dutch Pension Funds will address how this should be done.
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