Who is responsible for supervision and monitoring?

Internal monitoring

  • The Accountability Body evaluates the policy of the Board and advises on matters such as communication policy, the complaints scheme and the remuneration of the Board. The Accountability Body’s evaluation is published in the annual report.

    Members of the accountability body

    • Mrs. R. Munting
    • Mr. D. van der Mee
    • Mr. G. van Es
  • There are three key functions: risk management, internal audit and actuarial functions. In the Pension Fund, these key functions are responsible for monitoring their specific areas of attention. The holders of the key functions bear final responsibility for the duties of their respective key functions.

    Our key function holders

    The risk management function ensures that the Board has a complete overview of the risks to which the Pension Fund is exposed. The key function holder for risk management evaluates and monitors the risk management system and advises the Board on the management of these risks. This key function holder has an independent position within the Pension Fund.

    The actuarial key function evaluates and supervises the correct calculation of the financial and other obligations and provisions of the Pension Fund. Sprenkels en Verschuren is the actuarial key function holder and is also the certifying actuary of the Pension Fund.

  • The review committee supervises the board’s policy, the general state of affairs within the pension fund and risk management. The review committee also ensures that all stakeholder interests are represented. The review committee is held accountable by the board and reports to the accountability committee and leadership of IFF. The pension fund’s annual report contains the review committee's findings.

External audit

De Nederlandsche Bank (DNB) monitors the financial structure of the Pension Fund and the expertise and integrity of the trustees. The Dutch Authority for the Financial Markets (AFM) monitors the communication of the Pension Fund with its members.

The Dutch Data Protection Authority

The Dutch Data Protection Authority (Dutch DPA) supervises processing of personal data in order to ensure compliance with laws that regulate the use of personal data. 

Audit and actuarial services

The external auditor is PricewaterhouseCoopers, which audits the figures of the Pension Fund each year and issues an opinion regarding our annual report. Sprenkels en Verschuren provides the actuarial services, and it calculates and evaluates our obligations and the associated risks.