PGGM Investments

PGGM Investments is a private investment manager that was founded in 1969 through the amalgamation of numerous Dutch pension funds in the health care industry. The company would assume the unified responsibility for pensions in the health care and social work sectors in Netherland and move its headquarters to Zeist in 1972. PGGM Investments currently operates as a nonprofit institution with the members of the cooperative being employers and employees in the health and social sector. The Member’s Council stands at the top of the company governance and is made out of 45 members; 15 from the employers’ organization, 15 from the employees’ and pensioners’ organizations, and 15 directly appointed members. The council represents the cooperative members and acts as the communication link between the Executive Board and its members. The Cooperative Board, which works closely with the Member’s Council, is responsible for the “identity, mission, vision and the cooperative’s financial policy frameworks.” The Executive Committee, made out of the CEO, CFO, CRO, CMO, CIM, and COO, is responsible for the management of the company’s day to day operations. The internal control environment is done through three different entities; the line management, the staff departments, and Internal Audit department, each of which have its own responsibility for risk management. Its investment philosophy focuses on six major pillars: to integrate ESG in the investment process, target investments with ESG impact, allow active shareholdership through voting, engage companies about policies and activities if needed, conduct legal proceedings to recover losses and enforce good governance, and avoid investments that are inappropriate. PGGM Investments invests in a variety of public equity, private equity, real estate funds, debt markets, commodities, and infrastructure markets, among others. The company currently has the majority of its funds allocated in the services sector, which alone makes up 43% of its total invested assets, and also invests in the technology, financial, health care, consumer non-cyclical, utilities, and energy sectors, among others, in order of decreasing amount allocated.