Suzanne van Kooten, Chair of the Board of TNO Pension Fund
Is it a headwind or a tailwind?
I would like to tell you briefly how the TNO Pension Fund performed in the past year. The question I have been asked is 'did we have a headwind or a tailwind last year?'
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Assessment of the Supervisory Board
The Supervisory Board is responsible for the internal supervision of TNO Pension Fund. They give their assessment every year. If you are curious about the assessment of the Supervisory Board, please read the annual report on page 76. They describe their observations on the basis of the following aspects and include recommendations where relevant.
A. Functioning of the governance B. Functioning of the Board C. General course of events in the fund D. Culture and conduct E. Communications F. Compliance with the Code of the Dutch Pension Funds G. Adequate risk management H. Balancing of interests I. Priorities
In their assessment, the Supervisory Board wrote that they were able to establish that in this unusual year, all sections of the fund responded appropriately and functioned well, thanks in part to the work of the crisis team. The basis for this is the way the fund is organized and functions in 'normal times'. The Board was kept well informed about the effects of the crisis, crisis communications, the development of the coverage ratio in particular, as well as the activities of the Board and business.