Remotely close by

Three independent experts from the Supervisory Board have overseen TNO Pension Fund since 2018. They critically monitor the policies and general functioning of our fund.

What is it like to be remotely involved as a Supervisory Board, how do they characterize TNO Pension Fund and how did they get started? Life & Pension had a fascinating conversation about this with Theo Camps, Chairman of the Supervisory Board of TNO Pension Fund.

The Supervisory Board of TNO Pension Fund consists of:

Theo Camps (Chairman)
Mila Hoekstra
Jac. Kragt

Read more about the structure of the Pension Fund

What do you value about the cooperation?

'We were new to each other, but it worked out brilliantly. At the start in 2018, we met as members of the TNO Pension Fund Supervisory Board and looked at how we would shape it as a supervisory team. Soon there was good cooperation. Each of us has specific areas of focus and expertise, such as governance, legal knowledge, managerial experience and investment knowledge and experience, and that combination offers a good overall approach to supervision. All three of us are also well connected to developments in the pension world,' Theo says.

'Before we started, we had independently concluded that: TNO Pension Fund is a well-organized pension fund and has a well-run Board and administrative office. That does not alter the fact that there are areas for improvement, but fundamentally it is good.'

What is the dynamic with the Pension Fund?

'The size of the fund of TNO Pension Fund is such that you must perform all the functions to a very high standard. You need to have all the knowledge and good forms of interaction with each other, both formal and informal. And TNO Pension Fund has succeeded in doing that. That is not a given. Moreover, the transition to the new pension system is so radical and all-important that it is even more important to understand each other quickly and be able to work together in good dialogue. It's great that it's working out. The Board has undergone changes recently. For example, the chairmanship has changed, but it is good to note that the collaborative style has been preserved.'

'I got to know TNO as a large organization with a distinct mix of hard and soft. You see that reflected in how TNO Pension Fund is governed.'

Theo is familiar with several pension funds. In fact, he himself has been a director of a pension fund. How does he see us? 'TNO Pension Fund is a company pension fund. That's very different from an industry pension fund where you're dealing with a political context and you're more in a public glass house, as with PMT, ABP and Pensioenfonds Zorg & Welzijn (pension fund for the healthcare and social welfare sectors). There, you are forced to deal with the dynamics of employers, employees and trade unions. A company pension fund is organized for and by the company itself, as with TNO Pension Fund. There is a private community and a high level of commitment with people from within the organization. There is a strong focus on the people-oriented, while at the same time keeping a sharp eye on quantitative elements. That to me is typical of the TNO Pension Fund.'

The opinion of 2023

The opinion of the Supervisory Board is an important section of the annual report. So, would you like to know how the Supervisory Board rated the TNO Pension Fund in 2023? You can read about it here in the annual report.

What is it like to be remotely involved?

'As a Supervisory Board, we try to operate with sufficient distance while also being connected to the TNO community. We have a meeting with the Board once a year. In addition, we have regular meetings with the Accountability Body as well as with the various key function holders of the Board. A characteristic feature is therefore the ongoing distance-nearness dynamic. You oversee, but you also want to know how things are going and what's going on to fulfil our role properly. We are therefore in the outermost ring of the community. Being too much a part of the TNO community is also not good for fulfilling the supervisory role. Role purity is very important. That’s something you must also discuss together or you'll end up in the wrong role.'

'As a Supervisory Board, substantive knowledge and background is essential. Mila, Jac. and I all have experience in the pension industry. That knowledge is necessary to do our job well, but you must also maintain role purity. So, you must not 'drown' in content and engage in content themes. You need to know a lot about the content, but you must maintain a distant from it. That applies to any supervisory role, otherwise you get in the way of the Board."

What does this role mean to you?

'I was a Board member myself. Now I can put that experience to use in my supervisory role. You understand what a Board member does. As a Supervisory Board member, you are a formal supervisor. That's laid down in the law. But you are also an advisor and sparring partner without getting in the Board’s way. As a Board member, you know how that works and that really appeals to me. I love having the opportunity to fill that monitoring role for a pension fund. And then it's nice if that works out a bit and if you can do that together.'