ESG

PGGM promotes real estate head to lead responsible investment

Hans Op 't Veld was named head of responsible investment at PGGM.

Mr. Veld replaces Frank Roeters van Lennep, the chief investment officer for private markets who held the role temporarily after the departure of Marcel Jeucken, said a spokesman.Mr. Jeucken left in November to become an independent adviser on responsible investing.

Mr. Veld, who starts the new job on May 1, currently is head of listed real estate, and the process to name a replacement has begun, the spokesman added. The PGGM Listed Real Estate Fund has €11 billion ($13.5 billion) under management.

The responsible investment team implements and develops PGGM's sustainability policy. "We are very pleased with the step (Mr. Veld) is taking from the investment practice to the responsible investment team," said Mr. van Lennep in a news release. Responsible investment "has become indispensable in the investment space and PGGM's (responsible investment) team made an important contribution to this development. Our clients will need adequate support from the (responsible investment) team in the years to come to be able to make and substantiate future choices for investing responsibly."

PGGM has €218 billion in assets under management and runs the assets of the €185 billion Pensioenfonds Zorg en Welzijn, Zeist, Netherlands.