In analyzing the quality of discoveries by the Dutch pension funds by collecting data from annual reports of these pension funds, the following questions will be addressed to determine the quality of developments.

Research question;

How is engagement of stakeholders and the composition of the portfolio related to the the quality of disclosures of Dutch pension funds?


1;What is the influence of the engagement procedure of stakeholders on the quality of disclosures of Dutch pension funds?

2;What difference does it make in what manner stakeholders supervise the pension funds?

3;What is the relation of the composition of the portfolio and the quality of disclosures of Dutch pension funds?

4;How is ESG incorporated to compose a portfolio and how does this effect the quality of disclosures of Dutch pension funds?


1; The engagement procedure of stakeholders has a positive effect on the quality of the disclosures, the stakeholders are checking the pension funds on a regular basis.

2; If the engagement procedure is modelled in such a way that the supervision is strong or severe, this would also have a positive effect.

3; If the composition of the portfolio is complex, this would have a negative effect on the quality of disclosure.

4; When ESG is incorporated to compose a portfolio of pension funds, this would have a positive effect on the quality of disclosures, because more effort is put into the portfolio and thus more effort in making the disclosures.

Engagement is one of the most important strategies of institutional investors pinned at socially responsible investments (SRI). In socially responsible investment (SRI), commitment forms one of the core strategies of institutional investors. In examining the situation of Dutch pension funds, this reading responds to the following queries: what systems shape appointment with investees, and what factors determine the effectiveness of engagement? Engagement as a principle was used in the new Dutch pension funds; it was implemented by assets managers and service providers across the country.  Nonetheless, these performers are secluded from actors’ external the financial segment. The legality of the stockholder impacts the efficiency of engagement, while the figure for shares is less important. The connection among the engager and investee and the acceptance of the investee in the direction of the meeting are also of importance. Engagement can be prepared more operative when pension funds prioritize on precise subjects; aim corporations open to encounter, and also seek partnership with social and strategy performers.

According to Dimson, Karakaş, and Li, (2015), the engagement practices of the US-based asset managers have many questionable acts like which companies are engaged and whether these engagements are useful and how they address the investee and markets responds to engagement. This is in regard to how the Dutch are holding the total amount of assets of Dutch pension funds while it is rising; however, with significant concerns regarding if the majority of them can pay pensions when due. This is as a result that the necessary payments increase relatively faster in a percentage of 85% in the years 2010-2015 than the assets which held 70% in the years 2010-2015 (Kerkhof, 2017).

Numerous scholars have studied the connection between allowance plans and financial assessments of companies and pension funds. In precise, the impact of allowance plans on monetary estimates such as asset distribution, investment expenses, capital structure, and the possibility of mergers and achievements have remained studied beforehand.

Conferring to shareholder salience theory, three qualities govern the equal of the salience/importance of a shareholder: supremacy, legality, and urgency. Supremacy is the capability to govern capitals. Legitimacy is associated with the social approval of subjects and the technique that matters are elevated. Urgency discusses how urgent privileges of shareholders stay. It is clear, according to different studies that two significant knowledge bases can be pointed out. The first is the importance of general education on the communication of engagers employing investees.

Nevertheless, engagement is formed and matched by a system of actors creating engagement strategies, provided that data and executing the definite engagement strategies (Renneboog, Ter Horst, and Zhang, 2008). Additionally, the second aspect describes the current studies which insure figures and standpoints of institutional investors and asset managers in specific when reviewing the efficiency of engagement but not the perception of the investees that are engaged. In other words, understandings of the investees are significant issues in influential factors that impact the efficiency of engagement.

Research Model;

This research will focus on the historical model of data from diverse pension schemes. Annual reports that are published by various pension schemes can help in comprehending the quality and disclosure of the performance of pension in the Netherlands (Harms, 2018). The key aspects of being considered will include a better understanding of public pension schemes for retirees, pensions from the supplementary scheme, and those financed individuals. Since quality and disclosure rely on the guidelines provided by the reporting standard RJ 610 (Cam and Awan  2018); then it can be necessary to apply both quantitative and qualitative approaches based on the historical data that are being reported by all Dutch pension schemes.


The ultimate goal for examining the quality of disclosures by Dutch pension funds is to determine the essence of offering high-quality services through adherence to the disclosure as required by the national and international standards of pension funds. Focusing on the questions that can help in evaluating the efficiency of pension scheme systems as well as understanding how the interest of the shareholders as well as the entire stakeholders. This research aims to analyze whether the existing pension schemes are efficient in serving investees or not. Further work has been executed regarding the efficiency of the capital market in connection to the pension accounting information. Therefore, this research will focus on how the three pillars have evolved over the decades and discuss the outcome that has been obtained as a way of understanding the historical reporting, hence develop a solution to the current and future issues relating to quality and disclosure (Atuhaire, 2018). The matters to be examined in this study are mostly concerning Dutch pension systems. The study will also examine how the national and private institutions to design and implement changes to the pension accounting standards to raise interesting opportunities for future research on the pension scheme and exposure.

Dimson, E., Karakaş, O., and Li, X., 2015. Active ownership. The Review of Financial Studies28(12), pp.3225-3268.

Kerkhof, J.A., 2017. Determinants of the investment policy of Dutch pension funds (Master’s thesis, University of Twente).

Renneboog, L., Ter Horst, J., and Zhang, C., 2008. Socially responsible investments: Institutional aspects, performance, and investor behavior. Journal of banking & finance32(9), pp.1723-1742.

Cam, M.A., and Awan, O., 2018. Superannuation Fund Disclosure Past, Present, and Future.

Harms, D.M., 2018. The effect of institutional owners on the voluntary disclosure of Dutch listed firms (Master’s thesis, University of Twente).

Atuhaire, P.B., 2018. Discount rates impact on the actuarial valuation of Dutch pension funds: determining discount rates and sensitivity analysis on pension plans in the Netherlands (Doctoral dissertation, Instituto Superior de Economia e Gestão).

Wagemans, F.A., Van Koppen, C.S.A. and Mol, A.P., 2018. Engagement on ESG issues by Dutch pension funds: is it reaching its full potential?. Journal of Sustainable Finance & Investment8(4), pp.301-322.

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