Chairman of Dutch healthcare pension fund quits

Karel Noordzij, chairman of the EUR70 billion Dutch healthcare pension fund PGGM, has quit his post following what he described as an "irreconcilable difference of opinion" with the fund's governing board.

According to the PGGM, the differences arose over undisclosed "policy issues" and came after Noordzij had been in the job for two years. Last year, the PGGM announced the creation of a new unit to actively manage market-based solvency levels, marking a departure from the fund's previous philosophy based on long-term equity outperformance. As yet, no timetable has been laid down for his replacement, and until this occurs the remaining executive directors will perform his duties. Prior to joining the PGGM, Noordzij was chairman of the Dutch state-owned rail operator Nederlandse Spoorwegen.