Difference between revisions of "Stichting Pensioenfonds ABP"

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=== Main Activities ===
=== Main Activities ===
In a few sentences, describe the core activities of the company. In a bit more detail than in the introduction.
 
As ABP is a pension fund, it works on the basis of <i>capital funding</i>. This entails that an employee, alongside their employer, accrues pension entitlements. These are put into a pension fund, in this case ABP, who then invests these contributions into different establishments, companies, and stocks. Over time, the pension fund increases the amount of capital they initially started out with, so that by the time someone goes into retirement, the pension they receive is more than what they deposited as pension entitlements. In the Netherlands, the pension system features “collectivity, mandatory participation, efficient administration and [it] is not-for-profit.<ref>Pension Federatie. <i>The Dutch pension system: highlights and characteristics</i>, retrieved on April 8th, 2022. https://www.pensioenfederatie.nl/website/the-dutch-pension-system-highlights-and-characteristics#:~:text=Pension%20funds%20operate%20on%20the,collective%20investment%20of%20these%20contributions.</ref> Because of this, it is beneficial for clients that ABP manages to expand their capital over the years and invests wisely. This especially since over 3.1 Dutch citizens are affiliated to ABP.
 
At the start of 2022, their expected liabilities were €475 billion. This is the value of the pensions which ABP must pay out now and in the future. Meanwhile their available assets (investment endeavors) were worth €528 billion. This means that, were every Dutch civil servant and teacher to suddenly retire, ABP would have the sufficient funds to cover all of the pensions, and then they would have an additional €53 billion left.  At the time, their coverage ratio was 111.0%.<ref>ABP. <i>Financial situation on February 28th 2022</i>, retrieved on April 6th 2022. https://www.abp.nl/english/financial-situation/financial-dashboard.aspx</ref>


=== Government ===  
=== Government ===  

Revision as of 09:34, 8 April 2022

Stichting Pensioenfonds ABP
Bedrijf Logo
Quick Facts
TypePublic pension fund
sectorFinancial Services
Headquarters (Benelux Organization)Heerlen, The Netherlands
Year of Origin1922
Emissions (All Scopes)XXX Megatons of CO2 (2020)
Total RevenueEUR€ 528 billion (2020)[1]
Stock ExchangeNone
Key PeopleHarmen van Wijnen (Chairman Executive Board), Yolanda Verdonk-van Lokven (Executive Board Member); Dominique Dijkhuis (Executive Board Member)
Number of Employees41 (in 2020)
Subsidiaries
Algemene Pensioen Groep (APG)

Stichting Algemeen Burgerlijk Pensioen, stylized as Pensioenfonds ABP, is the largest pension fund in the Netherlands, and among the top three worldwide.[2] Its headquarter is placed in Heerlen, a city in Limburg.[3] ABP offers all types of pensions, such as a Disability Pension, a Partner's Pension, and a Retirement Pension. The pension fund was established in 1922 primarily to regulate the pensions of Dutch civil servants and teachers. At the time it was government controlled, but in 1996, ABP was privatized.[4] In 2020, the fund served over 3.1 million employees, and an additional 3,557 employers. The pension fund itself only had 41 employers as of 2020[5], but its subsidiary APG has over 3,124 employers in the Netherlands and another 246 abroad.[6] Although ABP predominantly provides pensions to Dutch citizens, the company invests worldwide.[7] On February 28th, 2022, ABP confirmed that their current assets are worth 528 billion EUR.[8] Their liabilities account for 475 billion EUR.

Company Structure

As of January 1st 2022, ABP has a new management model.[9] It now consists of three executive members, twelve non-executive members and one independent chairperson. The executive members are responsible for the daily management such as decision making and implementation. The non-executive members have a supervision role. They are appointed by employees, employer-organizations or retirees. The board is led by an independent chairman.[10]

Since the institution was originally established by the Dutch government, its headquarter is in the Netherlands. In 1960 they moved the office from The Hague to Heerlen, to compensate for the closure of the national mines in the south.[11]

Executive Board

Executive Board
Name Function Remuneration x1000 EUR
Harmen van Wijnen Chairman Executive Board 130,637 EUR (2020)[12]
Yolanda Verdonk Executive Board member Unknown
Dominique Dijkhuis Executive Board member Unknown

According to the 2020 annual report, this is what H. Wijnen would make from 01-05-2020 onwards. However, as there is no annual report available of 2021 nor 2022 it is uncertain whether his salary has stayed the same. Similarly, there is no telling what the remunerations are for the other board members, as they are only recently appointed (Y. Verdonk in 02/2022 and D. Dijkhuis in 01/2022). Additionally, ABP has completely transformed their management model. However, the salaries will most likely be around or somewhat below €200,000 due to the Wet Normering Topinkomens (The Top Income Standard Law).[13]

ABP does state in a 2019 position paper that they strive to keep the managament wages in line with the wages received by their clients.[14] This means that the salaries will grow in the same degree as those of teachers and civil servants. However, ABP does grant performance bonuses to its directors. Additional to that, it allows its subsidiary APG to pay out high bonuses to those employed on the asset management department. On top of that, wages amongst those working at APG are significantly higher. Annette Mosman (CEO) made €520,070 in 2020 and Ronald Wuijster (head of the APG Asset Management) made a wooping €748,865.[15]

Supervisory Board

Supervisory Board
Name Function Remuneration x1000 EUR (2020)[16]
Corien M. Wortmann-Kool Chair Supervisory board 130 EUR
Aldert Boonen Member supervisory board Unknown
Patrick Fey Member supervisory board 90 EUR
Anne Gram Member supervisory board Unknown
André van Vliet Member supervisory board 95,75 EUR
Krista Nauta Member supervisory board 90 EUR
Paul Rosenmöller Member supervisory board Unknown
Loek Sibbing Member supervisory board 90 EUR
Vandena van der Meer-Gangapersadsing Member supervisory board Unknown
Conchita Mulder-Volkers Member supervisory board 90 EUR
Xander den Uyl Member supervisory board 90 EUR

The reason the salaries and additional benefits of some of the supervisory board members are unknown, is because they did not begin working at ABP until or after 2021.

It is unclear what the renumerations will amount to as of 2022, taking into consideration that they restructured their board management.

Accountant

The independent auditor of Pensioenfonds ABP is KPMG Advisory N.V. They have been ABP's accountant since January 1st 2016.[17]

Main Activities

As ABP is a pension fund, it works on the basis of capital funding. This entails that an employee, alongside their employer, accrues pension entitlements. These are put into a pension fund, in this case ABP, who then invests these contributions into different establishments, companies, and stocks. Over time, the pension fund increases the amount of capital they initially started out with, so that by the time someone goes into retirement, the pension they receive is more than what they deposited as pension entitlements. In the Netherlands, the pension system features “collectivity, mandatory participation, efficient administration and [it] is not-for-profit.[18] Because of this, it is beneficial for clients that ABP manages to expand their capital over the years and invests wisely. This especially since over 3.1 Dutch citizens are affiliated to ABP.

At the start of 2022, their expected liabilities were €475 billion. This is the value of the pensions which ABP must pay out now and in the future. Meanwhile their available assets (investment endeavors) were worth €528 billion. This means that, were every Dutch civil servant and teacher to suddenly retire, ABP would have the sufficient funds to cover all of the pensions, and then they would have an additional €53 billion left. At the time, their coverage ratio was 111.0%.[19]

Government

To what extent can the government influence company policy? (shareholder, licensing authority, client etc.) Has company received NOW support or royal status?

Paris Agreement untill Today

What has company done or refused to do since the Climate Accord of Paris? Per company, where applicable refer to research on the benefits of fossil companies in the form of subisidies etc.

Financial Results since 2015

This tabel is meant to indicate that the companies have plenty of money to make their company more sustainable. Clearly distinguish between Dutch data and international data.

Financial situation
Year Revenue Profit Dividend
2015 XXX Billion EUR XXX EUR XXX EUR
2016 XXX Billion EUR XXX EUR XXX EUR
2017 XXX Billion EUR XXX EUR XXX EUR
2018 XXX Billion EUR XXX EUR XXX EUR
2019 XXX Billion EUR XXX EUR XXX EUR
2020 XXX Billion EUR XXX EUR XXX EUR
2021 XXX Billion EUR XXX EUR XXX EUR

Scandals and controversies

Any dirt on the companies can be added here.

Current Emissions

Description of the emissions per scope. Critical analysis of (missing) information based on GHG protocol (probably most relevant for scope 3). Describe possible reduction trends.

See p. 63 et seq. of APG. Verslag Verantwoord Beleggen APG Groep 2020 [Internet]. APG; 2021. Available from: https://apg.nl/media/dpef3e2e/nl-verslag-verantwoord-beleggen-apg-2020.pdf

Climate Policy and Plans

Description of the climate plans and policy of the company, with special focus on the goals for 2030 and 2050. Make sure to include the baseyear for their targets. Do the goals take the entire company and all scopes into account?

They are also part of Climate Action 100+ (CA100+), an investor-led collaboration that attempts to pressure companies in reducing their CO2 levels by rewarding them financially. Despite good intentions, CA100+ has as of now failed to push any of its 159 focus companies forward.[20]

ABP. Duurzaam en Verantwoord Beleggingsbeleid ABP vanaf 2020. Inzetten op duurzame en rechtvaardige transities [Internet]. ABP; 2020 Oct. Available from: https://www.abp.nl/images/dvb-beleid-abp.pdf. Concrete climate goals for 2030 will follow in 2022 as per the Climate Commitment of the Dutch financial sector.

ABP. Factsheet beleggen in steenkoolbedrijven [Internet]. ABP; 2021 Dec. Available from: https://www.abp.nl/images/ABP%20Factsheet%20beleggen%20in%20steenkoolbedrijven.pdf

ABP. ABP stopt met beleggen in producenten fossiele brandstoffen. Feiten & cijfers [Internet]. ABP; 2021 Oct. Available from: https://www.abp.nl/images/abp-feiten-en-cijfers-dvb-november-2021.pdf


Due Diligence

Keep the broader context in mind. Is the company integer when it comes to deforestation, palm oil, biodiversity, human rights etc etc? Be critical in the sources used here.

Conclusion

Recap of the position and influence of the company. Are the climate plans of the company enough to be in line with goals of the Paris Agreement? Is the company doing enough? Are the companies targets realistic?

References

  1. ↑ ABP. Financial situation on February 28th 2022, retrieved on April 6th 2022. https://www.abp.nl/english/financial-situation/financial-dashboard.aspx
  2. ↑ Kennisbank ABPpensioen. De positie van pensioenfonds ABP, retrieved on April 6th 2022. https://abppensioen.nl/het-fundament-van-pensioenfonds-abp/
  3. ↑ ABP. Contact Us, retrieved on April 6th 2022. https://www.abp.nl/english/contact-us.aspx
  4. ↑ II May 1996 Archive. Can ABP Cope With Freedom?, retrieved on April 6th 2022. https://www.institutionalinvestor.com/article/b14zpmqlqfsjrm/from-the-archive-can-abp-cope-with-freedom-may-1996
  5. ↑ ABP Annual Report 2020, p. 5, retrieved on April 6th 2022. https://jaarverslag.abp.nl/abp-jaarverslag-2020.pdf
  6. ↑ APG Annual Report 2021, p. 125, retrieved on April 6th 2022. https://jaarverslag.apg.nl/docs/APG_JV_2021/pdfs/APG_Groep_NV_Jaarverslag_2021.pdf
  7. ↑ ABP. Overview Corporate Bonds ABP as per December 31, 2021, retrieved on April 6th 2022. https://www.abp.nl/images/overview-corporate-bonds.pdf
  8. ↑ ABP. Financial situation on February 28th 2022, retrieved on April 6th 2022. https://www.abp.nl/english/financial-situation/financial-dashboard.aspx
  9. ↑ ABP. Persbericht: ABP krijgt een nieuw bestuurmodel, retrieved on April 7th 2022. https://www.abp.nl/over-abp/actueel/nieuws/abp-krijgt-een-nieuw-bestuursmodel%20.aspx
  10. ↑ ABP. Bestuur, retrieved on April 7th 2022. https://www.abp.nl/over-abp/onze-organisatie/bestuur/
  11. ↑ Heerlen Vertelt. Pioniers uit Den Haag: samen met het ABP verhuizen naar Heerlen, retrieved on April 7th 2022. https://www.heerlenvertelt.nl/2021/05/pioniers-uit-den-haag-samen-met-het-abp-verhuizen-naar-heerlen/
  12. ↑ ABP Annual Report 2020, p. 203, retrieved on April 7th 2022. https://jaarverslag.abp.nl/abp-jaarverslag-2020.pdf
  13. ↑ Martine Wolzak. Pensioenfonds ABP gooit zijn bestuur om, Snel weg, retrieved on April 7th 2022. https://fd.nl/economie-politiek/1389091/pensioenfonds-abp-gooit-zijn-bestuur-om
  14. ↑ ABP. Position Paper September 2019, p. 3, retrieved on April 7th 2022. https://www.abp.nl/images/Position-Paper-beloningsbeleid-september-2019.pdf
  15. ↑ APG Annual Report 2021, p. 127, retrieved on April 7th 2022. https://jaarverslag.apg.nl/docs/APG_JV_2021/pdfs/APG_Groep_NV_Jaarverslag_2021.pdf
  16. ↑ ABP Annual Report 2020, p. 207, retrieved on April 7th 2022. https://jaarverslag.abp.nl/abp-jaarverslag-2020.pdf
  17. ↑ ABP Annual Report 2015, p. 24, retrieved on April 7th 2022. https://www.abp.nl/images/jaarverslag-2015.pdf
  18. ↑ Pension Federatie. The Dutch pension system: highlights and characteristics, retrieved on April 8th, 2022. https://www.pensioenfederatie.nl/website/the-dutch-pension-system-highlights-and-characteristics#:~:text=Pension%20funds%20operate%20on%20the,collective%20investment%20of%20these%20contributions.
  19. ↑ ABP. Financial situation on February 28th 2022, retrieved on April 6th 2022. https://www.abp.nl/english/financial-situation/financial-dashboard.aspx
  20. ↑ Gina Gambetta, CA100+ benchmark reveals 'painful' progress on climate as investors turn attention to pay, accounting, Just Transition, retrieved on April 7th 2022. https://www.responsible-investor.com/ca100-benchmark-reveals-painful-progress-on-climate-as-investors-turn-attention-to-pay-accounting-just-transition/
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