The managing board of ING CDC Pensioenfonds is accountable to the supervisory board (in Dutch: Verantwoordingsorgaan, or VO) with regard to the contents of its policies and how they are executed. The supervisory board also has the right to advise on issues including pension contributions and the remuneration policy. The supervisory board's chair, Elena Kalthoff-Seferiadis, explains how this works and what it means for you as a participant in five questions below.

Who determines the composition of the supervisory board? Why and how?
“The supervisory board comprises four members, two of whom (Willem Steenhoven and René Lorrier) represent the employer and two (Elena Kalthoff-Seferiadis and Margreet Rog-Stokkink) representing the employees. The supervisory board members act in the interests of the employees, former employees and pensioners. The composition of the supervisory board ensures that it includes all the expertise it needs – from legal and governance to finance and risk – to advise the managing board and to review the overall execution of policies annually. We set up competence profiles for the selection of new members by the employer or employees. This ensures the level of expertise remains high. We also encourage diversity: two of our four members are women. And being a small team of four people with short communication lines, we can work in an agile manner.”

How does the supervisory board stay in touch with its constituents in order to serve their interests optimally?
“We want to know what worries our most important stakeholders, so we can include that in our advice to the managing board. Margreet and I, for example, stay in touch with our constituents by way of regular meetings with the ING Pension Working Group of the Works Council, which also represents the trade unions indirectly. We also conduct regular informal meetings with the chairman of the Central Works Council of ING Bank NL. Willem and René have frequent meetings with the employer because of their roles as representatives of the employer. But I'd like to stress that the supervisory board bases its advice and opinions regarding the managing board’s policies on its own considerations as an independent organ.”

Do the participants notice the involvement of the supervisory board in the pension fund's day-to-day affairs?
“The supervisory board ensures that participants have a say in their pension fund, as part of the fund's decision-making process and its governance. For example, we've been advocating socially responsible investments for a while and held lengthy talks about this topic with the managing board. The pension fund has now aligned its policy for socially responsible investments with that pursued by the employer. The supervisory board has also nominated candidates for the supervisory committee (in Dutch: raad van toezicht).

“Participants should be confident that their pension savings are in good hands.
The supervisory board wants to contribute to that confidence.”

The Pension Fund Academy gives talented young people from all backgrounds a glimpse into the world of ING's pension funds. Why does the supervisory board value this experience?
“The supervisory board feels this is important because the new and young generation joining ING grows every year and their influence is growing as well. Collaboration between generations is becoming essential, and that’s also true when it comes to governance of the pension fund. The initiative to start Pension Fund Academy as a platform for ING's younger employees ties in with that.”

What pension themes are on the supervisory board’s agenda and why?
“The main issue on the supervisory board's agenda for this year is whether ING CDC Pensioenfonds will be able to execute ING's new pension plan, which comes into effect on 1 January 2019. The supervisory board is advising the managing board throughout the process. But there are also other pension themes we consider very important, like socially responsible investments, participants’ risk appetite and how the pension fund communicates with participants.”