Stichting Pensioenfonds ABP

Stichting Pensioenfonds ABP
Quick Facts
Type	Financial
sector	Financial Services
Headquarters (Benelux Organization)	Heerlen, The Netherlands
Year of Origin	1922
Emissions (All Scopes)	XXX Megatons of CO2 (2020)
Total Revenue	USD$XXXX billion (2020)
Stock Exchange	Bijv. Tokio, Amsterdam
Key People	Harmen van Wijnen (Voortzitter Uitvoerend Bestuur), Yolanda Verdonk-van Lokven (Uitvoerend Bestuurder); Dominique Dijkhuis (Uitvoerend Bestuurder)
Number of Employees	41 (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. Its headquarter is placed in Heerlen, a city in Limburg. 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. At the time it was government controlled, but in 1996, ABP was privatized. 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, but its subsidiary APG has over 3,124 employers in the Netherlands and another 246 abroad. Although ABP predominantly provides pensions to Dutch citizens, the company invests worldwide. On February 28th, 2022, ABP confirmed that their current assets are worth 528 billion EUR. Their liabilities account for 475 billion EUR.

Company Structure

As of January 1st 2022, ABP has a new management model. 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.

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.

Executive Board

Executive Board

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

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) and 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).

Supervisory Board

Supervisory Board

Name	Function	Remuneration x1000 EUR (2020)
Corien M. Wortmann-Kool	Chair Supervisory board	130 EUR
Aldert Boonen	Member supervisory board
Patrick Fey	Member supervisory board	90 EUR
Anne Gram	Member supervisory board
André van Vliet	Member supervisory board	95,75 EUR
Krista Nauta	Member supervisory board	90 EUR
Paul Rosenmöller	Member supervisory board
Loek Sibbing	Member supervisory board	90 EUR
Vandena van der Meer-Gangapersadsing	Member supervisory board
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 began working at ABP sometime in 2021. Aldert Boonen for instance began as of January 2021. Vandena van der Meer-Gangapersadsing only started in April 2022.

Additionally, 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.

Main Activities

In a few sentences, describe the core activities of the company. In a bit more detail than in the introduction.

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?

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?