Fiduciary Management in the Netherlands has been around for 20 years: Is it time for a party or for a wake-up call? The concept of Fiduciary Management can be traced back to Ambachtsheer and Ezra. They introduced the term in their book Pension Fund Excellence (1998), distinguishing three fiduciary roles for a pension fund, i.e. the governing fiduciary, managing fiduciary and operational fiduciary. In the Netherlands, the concept has been taken to the next level by Anton van Nunen. Pension funds transferred asset management and related activities or the entire balance sheet management to a single party, the Fiduciary. Then, the supervisory authority imposed stricter requirements and increased demands on the professionalism of the directors of pension funds.
Martin Mlynár: “During that time, pension fund directors had to deal with significant changes how to make their choices. There was also an increased complexity in the area of regulation and investment options. Back then, the number of pension funds was still large.”
The full article in Dutch is available here.
