With effect from 1 January 2017, ING CDC Pensioenfonds has implemented a new governance model. An important starting point was that both ING CDC Pensioenfonds and NN CDC Pensioenfonds would be carrying out the administration of the same pension plans until the end of 2018. This meant it would be most effective to select a cost-efficient governance model.
Starting on 1 January 2017, ING CDC Pensioenfonds will have an eight-member board, seven of whom will be members of the boards of ING CDC Pensioenfonds and NN CDC Pensioenfonds. Each managing board will have one member who is not at the same time a member of the other managing board. This implies that both managing boards will convene meetings at the same time. This is efficient and reduces governance overhead, while it also ensures that policies are implemented in virtually the same manner for both pension funds. In addition, a supervisory committee has been appointed and each managing board member has one vote: ‘one man, one vote’.
Diversity
As it is important to ensure continuity as well as diversity within the managing board, the employers have been asked to offer future board members the opportunity of gradually growing into their roles of managing board or supervisory board members. This could be facilitated by offering training courses and by letting candidates sit in at meetings. The approach aims mainly to enable younger employees to gain experience.
Meet the managing board
Employers ING and NN Group will organise meetings in 2017 to explain the structure and nature of the pension plan and the risks involved in your pension. These meetings will probably be attended by some of the managing board members. It will be a good opportunity for employees to meet the members and ask them questions. We will keep you informed by way of newsflashes.
