PGGM Investments

Appendix 1 Information on PGGM Investments

PGGM Investments was founded on 20 July 2007. PGGM Investments has its registered office and principal place of business at Noordweg Noord 150 in Zeist, the Netherlands.


In accordance with Article 2.1 of the articles of association, the objectives of PGGM Investments are:

  1. To act as a manager of investment institutions in the broadest sense, which in any event comprises portfolio management, risk management, administration, offering participation rights and activities relating to assets of investment institutions;
  2. To provide investment services, including the management of individual capital, the provision of investment advice and the receipt and transmission of orders relating to financial instruments;
  3. To hold and administer (or arranging for this) participation rights in investment institutions;
  4. To offer life-cycle plans, or to arrange for life-cycle plans to be offered, to employees in the health care and welfare sector and to their partners, as well as to former employees employed as such in the aforementioned sector and to their partners, as well as to members of the cooperative: PGGM Coöperatie U.A.; and
  5. To participate in or in any other way take an interest in and conduct the management of companies of whatever nature, moreover to finance third parties, provide security in any way or otherwise bind itself for the liabilities of third parties and finally all activities which are incidental to or which may be conducive to any of the foregoing.   


Furthermore, in accordance with article 2.2 of the articles of association, the purpose of the company is to provide the management and financing of its subsidiaries, group companies and participating interests and to provide surety and guarantees for its own debts, as well as for the debts of its subsidiaries, group companies and participating interests. 

AIFM licence

Pursuant to Section 2:67 of the Financial Supervision Act (Wft), the Authority for the Financial Markets (AFM) has granted PGGM Investments an AIFM licence allowing it to act as the manager of an investment fund as defined in Section 1:1 of the Wft, effective from 4 April 2014. The licence is limited to offering the rights of participation to professional investors. 

Pursuant to Section 2:67a(2) of the Wft, PGGM Investments is also permitted to carry out the following activities or to provide the following services:

  • Manage individual capital;
  • Advise on financial instruments in the context of practising a profession or conducting a business;
  • Receive and transfer orders from clients relating to financial instruments in the practice of a profession or operation of a business.

Group structure

One hundred percent (100%) of the shares in PGGM Investments are held by PGGM N.V. In turn, 100% of the shares in PGGM N.V. are held by PGGM Coöperatie U.A. The following figure shows the legal structure of PGGM Coöperatie U.A., PGGM N.V., its subsidiaries and other participating interests (‘the PGGM group’) as at 31 December 2020.

PGGM Treasury B.V.

PGGM Investments was founded on 20 July 2007. PGGM Investments has its registered office and principal place of business at Noordweg Noord 150 in Zeist, the Netherlands. PGGM Investments and PGGM Treasury B.V. (Treasury) were merged on 31 December 2020. Following the merger, Treasury ceased to exist and Treasury’s financial data are reported in PGGM Investments’ financial statements with effect from 1 January 2020. Because of the carry-over accounting method used, PGGM Investments’ comparative figures were not adjusted.

Sustainalytics Holding B.V.

On 21 April 2020 (with retrospective effect as of 1 January 2020), PGGM Investments sold its (approximately 10%) interest in Sustainalytics Holding B.V. The actual transfer took place in July for a sales price of €15.3 million.

PGGM Australia Nominees Pty Limited

PGGM Investments acquired the shares in PAN on 13 May 2009. PAN is a 100% subsidiary of PGGM Investments. On this basis, the assets and liabilities as well as the result is fully included in PGGM Investments’ consolidated annual report.

Design Authority B.V.

PGGM Investments held a 50% interest in Design Authority B.V. from 2 June 2020. Subsequent to that date, there are 2 other parties that participate in Design Authority B.V., as a consequence of which PGGM Investments had a shareholding of 25% as of year-end 2020. The participating interest is not consolidated in PGGM Investments’ financial statements or the financial statements of PGGM N.V. and PGGM Coöperatie because no material influence can be exerted on the operational management.

Participants’ meeting

The participants’ meeting is very important in the decision making on the fund terms and conditions of the investment funds managed by PGGM Investments. 

The meeting allows us to inform participants about the course of affairs in relation to the investment policy and to include them in a discussion of relevant developments in relation to investment institutions (for example: legislation and regulations and responsible investment). 

PGGM Advisory Boards

PGGM Advisory Board Alternative Funds (hereinafter: ‘ABAF’) is a body that advises the board of directors of PGGM Investments on the Private Market funds. The ABAF advises both on its own initiative and at the request of PGGM Investments. The ABAF is asked for advice on potential Private Equity investments of a special nature and/or which exceed the sum or value of €250 million or €100 million for certain transactions, and in the event of a change to the strategy of the investment funds. PGGM Investments held four meetings with the ABAF in 2020. In addition, some 20 recommendations were provided on specific transactions in relation to potential investments by the investment funds. The ABAF currently consists of four external members. 


The PGGM Advisory Board Responsible Investment (ABRI) is an advisory body for PGGM and its clients which 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.

Changes in the organisation

Geraldine Leegwater joined PGGM’s Executive Committee as Chief Investment Manager on 1 November 2020. She succeeded Eloy Lindeijer, who had fulfilled this role since 2011.

Financial and operating results

The result after taxes over the period under review amounted to €30.8 million (2019: €20.6 million). Total revenue increased by €11.6 million in 2020, from €137.8 million in 2019 to €149.4 million in 2020. The operating expenses of €125.8 million (2019: €110.2 million) largely relate to the costs charged on by PGGM, concerning personnel expenses, accommodation expenses, IT costs and overhead costs. 


Equity amounted to €98.3 million as at 31 December 2020 (year-end 2019: €77.6 million). The solvency as at 31 December 2020 amounted to 83.3% (2019: 78.8%). The solvency is determined as the ratio of equity to the balance sheet total. The cash balance was €88.3 million as at 31 December 2020 (31 December 2019: €71.8 million).

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 Investments. We see it as our 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. Efforts went into strengthening this code during 2020.

Corporate sustainability

The Executive Committee (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. Read more about this in the PGGM N.V. Annual Report.

Correspondence address


P.O. Box 117
3700 AC Zeist


Visiting address

Noordweg Noord 150
3704 JG Zeist


The original PGGM Investments annual report 2020 and its financial and non-financial statements were drafted in Dutch. This website is an English translation of the original Dutch document. In case of any discrepancies between the English and the Dutch text, the latter will prevail.


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