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As an investor we strive for good corporate governance within the companies that we invest in. Therefore we take great care to have our own house in order.

PGGM Investments (Vermogensbeheer B.V.) is a wholly-owned subsidiary of PGGM N.V. For this reason, the assets and liabilities and the result are fully incorporated in the consolidated financial statements of PGGM N.V. The PGGM N.V. shares are in turn held by PGGM Coöperatie U.A., a cooperative established by social partners in the healthcare and social welfare sector. PGGM Coöperatie U.A., its subsidiaries and other participating interests together form the PGGM group.

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Diversity and inclusiveness

We consider diversity within our organisation important. We are convinced that diversely-compiled teams deliver better results and contribute more to the realisation of our vision and strategy.

The more diverse the employees in an organisation, the more talent and competencies it has at its disposal. That makes the organisation stronger, more flexible and effective. This is why we promote diversity. Part of this is our approach aimed at increasing the number of women in influential positions. We have set ourselves the goal of increasing the percentage of women in grade 12 or higher from 17% to 30% by 2023. In order to monitor the progress and send a signal, a Diversity Board has been formed, which also contributes towards inclusiveness.

Diversity and inclusiveness are closely related. Inclusiveness is necessary in order to make use of the power of diversity. Inclusiveness means that employees can be themselves, without fear of deliberate or unconscious exclusion. It means that we have respect for everyone’s views and ideas and that we embrace these different views and ideas. In order to create awareness and stimulate inclusive thinking, PGGM organises the Stratego workshop for women. The PGGM Academy also offers different workshops on dealing with cultural differences and bias training courses.

In addition, PGGM pursues an aware recruitment and selection process in which the aim is to ensure that half of the candidates for management positions are women. In 2020, the focus will lie more on Diversity of Ideas in the broadest sense. This means that each unit will draw up its own plan for increasing its diversity. This could be gender diversity, but could also be other forms of diversity. A Diversity Board chaired by an Executive Committee (EC) member, a top-30 member of each unit and a Works Council representative monitors the progress of diversity within PGGM. We have committed to monitoring diversity among our external managers. The Diversity and Inclusiveness working group is currently working on an action plan of which this forms a part.

The composition of the Management Board and the Supervisory Board of PGGM Vermogensbeheer did not comply with the statutory requirements for a balanced distribution of seats in 2019. This law requires that at least 30% of the seats are held by women and at least 30% by men. At present, 20% of the Management Board are women and no women are appointed to the Supervisory Board. With future changes, a balanced distribution of seats will be taken into account where possible.

One change in the Supervisory Board took place in 2019. Paul Boomkamp stepped down. Willem Jan Brinkman has since joined the Supervisory Board.

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Corporate sustainability

The EC of PGGM NV has expressed the ambition to play an exemplary role in relation to sustainability and in that regard, aims specifically at three Sustainable Development Goals (SDGs). These are SDG 1 - no poverty, associated with the mission to contribute towards a good pension in a habitable world; SDG 3 - good health and welfare is part of the DNA as a fixed value in the Health Care and Welfare sector; and SDG 13 - climate action underscores the responsibility for a habitable world. PGGM NV takes responsibility here for its climate impact and takes action to reduce its CO2 emissions. The SDGs are 17 goals and form a reference framework for PGGM NV’s sustainability ambitions. They provide a framework and a language for both its investments and its business operations.

For these three SDGs, we want to play a recognisable exemplary role, with a focus on creating multiple positive value in cooperation with partners. On the basis of our license to operate, we should deal responsibly with all aspects of sustainability (i.e.: all 17 SDGs). We aim here to convey a responsible base, in which we strive to minimise our negative impact, compensate for any negative impact and where possible, strive for a positive impact of our activities on SDGs.

Our goal is to limit our CO2 footprint as far as possible. Travel by car and above all, by air, accounts for a large part of our total CO2 footprint. It is therefore important that when we travel, we do so as sustainably as possible. PGGM has applied our travel policy.

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Remuneration policy

We aim for a transparent, responsible and sustainable remuneration policy: fair remuneration for measurable performance. The way in which performance is achieved (competences and values) is also taken into account in evaluations and consequently, in the remuneration.

The employees who work for PGGM Vermogensbeheer are employed by PGGM N.V. and are therefore subject to PGGM’s remuneration policy. PGGM applies a careful, managed and sustainable remuneration policy that is consistent with the strategy, risk appetite, cooperative goals and the core values of PGGM. In the remuneration policy, the interests of the client are key and the long-term interests of PGGM and relevant laws and regulations are taken into account. As a manager of investment institutions, we hold an AIFM licence and on that basis, must comply with European regulations concerning managers of investment institutions (AIFMD/AIFMR), as well as with the provisions concerning remuneration policy set out in the Financial Supervision Act.

Aware remuneration

PGGM is an administrative organisation that aims for healthy financial business operations. PGGM is aware of its social responsibility and acts in accordance with this in its remuneration policy.

Variable remuneration

PGGM grants variable remuneration to senior employees working directly in the investment chain. Other employees are not eligible for variable remuneration. PGGM has limited the maximum variable remuneration to be awarded to 20% of the fixed salary.

Deferred variable income

In addition to one-year variable remuneration, there is the possibility of granting deferred variable income (DVI) to a limited group of employees in the investment chain. DVI is a form of deferred remuneration. This is paid out after a multi-year deferral period after the year in which the key performance indicators (KPIs) applicable to attaining the DVI were achieved. No particularities may have arisen since the granting of the DVI which could prompt discussion as to whether the remuneration should still be granted. The total of the one-year variable remuneration and the DVI on an annual basis can never exceed 100% of the fixed salary. The KPIs for the one-year variable remuneration and DVI must be derived from the objectives of the clients, PGGM, the business unit and the department, and must be at least 50% based on non-financial criteria.


The collective labour agreement (CLA) expired on 31 December 2019. As there was not yet a new CLA on 1 January 2020, the provisions of the former CLA remained applicable.


Employees who do not receive any form of individual variable remuneration can be awarded a gratuity on account of exceptional dedication and/or performance.

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The table below shows the remuneration paid to employees working for PGGM Vermogensbeheer (as the manager of the PGGM investment institutions) in 2019 and 2018. The remuneration policy for these employees is shown on the PGGM website.

The publication requirements in accordance with the WFT and AIFMD are shown on the PGGM website.


Amounts paid out in 2019 (x €1000)

Fixed remuneration

Employer’s share of social insurance and pension costs

Variable remuneration

Total Remuneration

Number of employees

Senior management






Employees with a significant influence on the risk profile






Other employees






Total variable remuneration paid out ***







Amounts paid out in 2018 (x €1000)

Fixed remuneration

Employer’s share of social insurance and pension costs

Variable remuneration

Total Remuneration

Number of employees

Senior management






Employees with a significant influence on the risk profile






Other employees






Total variable remuneration paid out ***






Dutch Financial Supervision Act (WFT)

Variable remuneration paid (x €1,000)

Variable remuneration by type



One-year variable remuneration investment chain paid out*



DVI paid out**



Gratuity paid out



Flexible year-end bonus paid out



Total variable remuneration paid out***



Number of entitled employees

Number of employees per variable remuneration pay-out



One-year variable remuneration investment chain









Flexibile end-of-year bonus



Total number of employees entitled



  • 1 * This concerns one-year variable remuneration relating to the preceding financial year. One-year variable remuneration paid out in 2019 therefore relates to the 2018 performance year and one-year variable remuneration paid out in 2018 relates to the 2017 performance year.
  • 2 ** DVI paid out in 2019 relates to the DVI granted in 2014. As a result of a change in the DVI scheme in 2015, no payments took place in 2018.
  • 3 *** The amounts are exclusive of pension and social insurance contributions.

Subsidiary entities

PGGM Vermogensbeheer has two subsidiaries: PGGM Treasury B.V. (Treasury) and PGGM Australia Nominees Pty Ltd (PAN). These subsidiaries help to make the design of service provision possible.

Participating interests

PGGM Vermogensbeheer holds a 10% interest (2018: 11%) in Sustainalytics Holding B.V. (Sustainalytics). Our capital interests in Sustainalytics fell as a result of a capital expansion of Sustainalytics that took place on 4 January 2019.

We no longer hold an interest in the Nederlandse Investeringsinstelling N.V. (NLII). The NLII was removed from the Commercial Register in December 2019. NLII was dissolved on 1 October 2018. Shareholders decided to dissolve the company as it did not foresee any new investment projects in the Netherlands.

PGGM Advisory Board Responsible Investment (ABRI)

The ABRI is an important advisory body for PGGM and its clients because it is consulted on activities in the field of responsible investment. The ABRI also provides unsolicited advice on social developments. The members are appointed by PGGM and its clients. They represent different professional fields: the financial sector, industry/multinationals, science, government, social organisations and multilateral institutions. The current members of the ABRI are:

Prof. A. Roobeek
Mr O. Schellekens
Mrs A.M.A. van Ardenne-Van der Hoeven
Prof. N.J. Schrijver
H.R.H. Prince Carlos de Bourbon de Parme
Mrs M. van Golstein Brouwers

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Changes in the organisation

No far-reaching changes took place in the our organisation during 2019. Staffing was increased in some areas, in view of our drive for best-in-class performance. These expansions contributed to the required robust staffing of the different teams and to the expansion and deepening of our knowledge and skills.

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PGGM Code of Conduct

Supportive, responsible and steadfast. These values are visible and tangible in everything we do. Our conduct in upholding these values is a critical factor in determining the success of PGGM. PGGM believes it has a responsibility toward society to act with care, transparency and integrity. Ensuring there is clarity about how we interact with one another helps us to fulfil this responsibility. Social media and technological developments mean that our conduct and the information we hold are visible to a larger group of people than ever before. Increased requirements and demands from society and regulators in particular place an onus on us to update our current rules of conduct and agreements. We have combined these updated agreements and guidelines in a single document: the PGGM Code of Conduct. Our Code of Conduct is more than a set of rules and instructions designed to maintain trust in the services we provide. The underlying principles and criteria in the code of conduct offer guidance in our interaction with clients, suppliers, colleagues and society in general.

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