Sunday 12 July 2020

Dutch health service pension fund calls for ARCP board to quit

pggmDutch health service pension fund manager PGGM has called on property investment firm American Realty Capital Properties to remove its entire board in an effort to regain investor confidence in the company.

PGGM, the second biggest Dutch pension manager with over $200bn in assets, says it has been monitoring the investment firm closely since it deliberately issued inaccurate financial statements in October 2014. The scandal led to the resignation of the firm’s founder Nicholas Schorsch in December.

‘It is essential that the board demonstrate its commitment to the highest standards of corporate governance, in light of the fiduciary duty it owes to all shareholders,’ the PGGM letter said.

ARCP needs a truly independent board to choose a new management team, PGGM said. ‘This selection process will be of crucial importance in ensuring that all successful candidates are free from any real or perceived conflicts of interest.’

PGGM, which has over 11.6 million shares in ARCP, or a 1.3% stake, said it is urging fellow shareholders to ‘contribute to a meaningful and lasting change’.

Thank you for donating to

The team would like to thank all the generous readers who have made a donation in recent weeks. Your financial support has helped us to expand our coverage of the coronavirus crisis into the evenings and weekends and make sure you are kept up to date with the latest developments. has been free for 14 years, but without the financial backing of our readers, we would not be able to provide you with fair and accurate news and features about all things Dutch. Your contributions make this possible.

If you have not yet made a donation, but would like to, you can do so via Ideal, credit card or Paypal.