The Accountability Council (AC) has the authority to evaluate the Board’s performance, policy decisions, and policy implementation. A positive evaluation depends on whether interests were considered equally. The Council is made up of six members.

Composition as of May 2020

The Accountability Council believes that the standard of governance is good. In formulating policy and implementing it, the Board has taken the interests of all members into account as much as possible. The fund acted in accordance with legislation and regulations, the articles of association, and the fund's regulations.

2019 was a difficult year. Despite sharply rising stock market prices worldwide, SPF's funding level fell. The reason for this was the falling interest rates. Despite these difficult circumstances, the Board has pursued a consistent policy. When triggers were hit in the middle of the year, the Board reviewed the policy once again and analysed the risks extremely carefully.

In its general evaluation,
the Accountability Council was positive about the Board's policy decisions in 2019.

What did the Accountability Council issue recommendations on?

The Accountability Council gave recommendations to the Board on four subjects:

• The Net Pension Scheme (NPS) has been amended because, as from July 1, 2019, members can opt not only for a fixed pension benefit but also for a variable pension benefit. The Accountability Council issued a positive recommendation for the related amendments to the Administration Agreement.
• The risk appetite for the NPS 2.0 and the PPS scheme is in line with the principles used and the objectives of the scheme. The Accountability Council issued a positive recommendation for this.
• The obligation to inform members by means of the Uniform Calculation Method has applied since October 1, 2019. The Accountability Council was asked to provide its recommendation on the underlying calculation method to be used. The Board has opted to use the same methodology for all pension schemes, and the Accountability Council supports that choice.
• Every three years, the Board reviews the Communication Policy. In its recommendation, the Accountability Council advised the Board to tighten up the policy in certain areas. The Board has adopted almost all of the recommendations.

Furthermore, the Accountability Council made a binding nomination to fill the vacancy on the Supervisory Board. In accordance with this nomination, the Board has appointed Stephan Linnenbank as a member of the Supervisory Board.

The Accountability Council's spearheads for 2020

The Accountability Council has formulated a number of spearheads for the coming year, which are:

• The further development of the cost-effective contribution.
• The implementation of IORP II. This is a European directive anchored in national regulations. “Key Function Holders” are appointed for Internal Audit, Actuarial Practice, and Risk Management, and they assess the policy independently of the Board. In certain situations, these Key Function Holders may escalate to the Board, the Supervisory Board, or De Nederlandsche Bank.
  The Accountability Council attaches great importance to the independence of the Key Function Holders and the correct periodic reporting lines.
• The implementation of the IT policy and the extent to which the security of the IT infrastructure and systems is ensured.
• The balanced nature of the Board's decisions and the way in which the Board substantiates them.

Several conclusions have been drawn following the self-assessment carried out by the Accountability Council at the beginning of 2020, one of which is that the Accountability Council wishes to adopt a more pro-active attitude and not simply monitor the issues raised by the Board.

The complete evaluation by the Accountability Council and the response from SPF's Board to the evaluation can be read in SPF's annual report.