Philips Pensioenfonds has a Board of Trustees and an Executive Board.
Board of Trustees
The Board of Trustees has twelve members: an independent chair, three members representing the employers, three members representing the employees, two members representing the retired members, and three independent directors. The chair and the members representing the employers, employees and retired members are non-executive directors, and are members of both the Board of Trustees and the Non-Executive Board that is part of it.
One of the duties of the independent chair is to ensure that the Board of Trustees is composed properly and to oversee the performance of the Board of Trustees and the Executive Board.
The Executive Board is made up of the pension fund’s Managing Director (who is also the chair of the Executive Board), the Investments Director and the Pensions Director. The Executive Board is in charge of giving shape and implementation to the vision, strategy and strategic policy that the Board of Trustees establishes for the pension fund. The Executive Board is also responsible for establishing and implementing other policies, outsourcing work and monitoring the outsourced work, performing risk management and managing the pension fund on a day-to-day basis.
The Executive Board is assisted in these duties by the Pension Fund Office. Like the members of the Executive Board, the staff of the Pension Fund Office are employees of the pension fund. The Pension Fund Office is managed by the chair of the Executive Board.
The Board has a legal adviser to assist in the performance of its duties.