The activities of the Board are monitored by the Supervisory Board. The Supervisory Board monitors for example the policy, adequate risk management and a well-balanced evaluation of interests. The Supervisory Board consists of three members.

Composition in 2020

The Supervisory Board concludes that the fund is well managed and that the Board is in control.

The Supervisory Board has established that the Board has taken further steps in 2019 with regard to the required balancing of interests. Nevertheless, the Supervisory Board would like to draw attention to two specific subjects in this context: the fair balancing of interests in terms of catch-up indexation and the PPS scheme.

Catch-up indexation has been discussed several times by the Board and also with the Accountability Council. The Supervisory Board advises the Board to elaborate the policy on catch-up indexation and to explicitly consider the fair balancing of interests of the various stakeholder groups.

The subject of the PPS scheme has also been discussed regularly in the past. Although this scheme is hardly material at fund level, it may well be so for individual members. The Board has chosen to resume the discussion on the PPS scheme as soon as De Nederlandsche Bank has responded. The Council believes that the Board is itself responsible for its own policy; De Nederlandsche Bank is a supervisory body. The Council advises the Board to elaborate the policy on catch-up indexation and to explicitly consider the fair balancing of interests of the various stakeholder groups.

In addition, the Council has identified the following themes in its monitoring plan for 2019:

1. ICT risk management
2. IORP II and its effect and functioning
3. The Board's risk attitude
4. Strategic risks
5. Communication with members
6. Suitability policy
7. Socially Responsible Investing

The full text of the Supervisory Board's findings and recommendations and the response of SPF's Board can be read in SPF's annual report (PDF, in Dutch only).