RPMI Railpen's Head of Corporate Governance to retire

RPMI Railpen’s Head of Corporate Governance to retire

London, 4 April, 2016 – Frank Curtiss, Head of Corporate Governance, will be retiring from RPMI Railpen (Railpen) on 4 April after over 25 years of distinguished service.

Frank joined the company in 1990 having qualified as a Chartered Secretary in 1986 and subsequently as an accountant in 1991. He has had several roles over the years at Railpen, including working on private equity at the very beginning, taking on responsibility a few years later for custody of assets, risk management and internal audit. He was even involved in setting up Railpen’s external insurance programme, including helping to draft the highly innovative trustee liability insurance cover in the late 1990s, and he still serves on the advisory council of the Occupational Pensions Defence Union. However, Frank will be best known for his work on corporate governance which finally became a full-time task in 2005.

Commenting on the announcement, Ciarán Barr, Investment Director at Railpen, said:

"Frank has made an outstanding contribution to the development of Railpen’s investment team over the years, not least in his expertise and work on corporate governance.

"We will miss Frank and we wish him all the best in his retirement. The foundations that Frank has laid are a key element of our mission to pay pensions securely, affordably and sustainably."

Frank Curtiss said:

"I’m glad to see that the house I helped build over the last 25 years has such strong foundations and will go from strength to strength as my successors at Railpen take forward Sustainable Ownership".

The publication of the Cadbury Report on the Financial Aspects of Corporate Governance in 1992 marked the beginning of a long journey to integrate corporate governance and wider sustainability issues into the investment arrangements of the Railways Pensions Scheme. This has involved working closely with investment colleagues and the wider Trustee to ensure that corporate governance matters are at the core of being an asset owner.

The Railways Pension Trustee Company Limited was one of the first UK pension funds to vote actively on its equity holdings in the UK and published a voting and corporate governance policy in 1992. In addition, it has been an early pioneer of incorporating remuneration issues into corporate engagement, something which has grown in importance in recent years. Under Frank's oversight, active voting has gradually been extended to overseas markets, such as the US, Japan, Europe, Australia, Hong Kong and Singapore. Moreover, the important stewardship considerations raised by the original Cadbury Report over

20 years ago are now widely accepted and Railpen was an early adopter of both the UK and Japan Stewardship Codes.

Frank has also been involved in efforts to encourage better corporate reporting by investee companies in terms of better accounting standards and auditing practices, and also beyond financial reporting in promoting integrated reporting through his role as a member of the Working Group of the International Integrated Reporting Council from 2010 to 2015.

Over the years Frank has worked closely with industry bodies and served on the board of the International Corporate Governance Network from 2009 to 2015, and chaired its Integrated Business Reporting Committee from 2004 to 2010. He is currently the UK President of the Institute of Chartered Secretaries and Administrators for 2015/16. More latterly, and as part of the investment transformation undertaken by the Trustee, work has begun to integrate Sustainable Ownership considerations into wider portfolio construction, a natural extension of the corporate governance framework Frank built. Railpen was an early adopter of the UN Principles for Responsible Investment in 2010 and the Carbon Disclosure Project (CDP) as long ago as 2000. Overall, the foundations that Frank has laid are a key contribution to Railpen’s mission to pay pensions securely, affordably and sustainably.

Frank's activities will be taken over by Deborah Gilshan, Head of Sustainable Ownership, and her team. Recruited by Frank, Deborah joined Railpen in late 2007 and has worked closely with him on corporate governance and wider sustainability issues. Integrating sustainable ownership issues into portfolio analysis and construction is a core part of RPMI Railpen’s journey to be a world class asset owner.

RPMI Railpen's Head of Corporate Governance to retire - April 2016


RPMI Railpen strengthens in-house investment capabilities with new hires

Railpen strengthens in-house investment capabilities with new hires

London, 8 February, 2016 – RPMI Railpen announces three new appointments as the in-house investment team for the Railways Pension Scheme continues to expand its internal asset management capabilities.

Sweta Chattopadhyay has joined the Private Markets team of the £22 billion pension scheme, whilst Matthias Eifert and Tony Guida will focus on equity investments.

Sweta joins the business as a Senior Investment Manager. She has ten years’ experience and joins from Adveq, a global alternative investment firm. Before this she worked at the Universities Superannuation Scheme and ABN AMRO.

Matthias brings with him nearly 15 years’ experience and joins from Macquarie Securities. During his career he has also worked for Bluecrest and Mainfirst AG. He joins as an Investment Manager, focusing on fundamental equity analysis with a responsibility for managing concentrated equity portfolios.

Tony has joined the Alternative Risk Premia team at Railpen as an Investment Manager. He has over 12 years’ experience in the financial industry focusing on equity factor investing. He worked most recently at the EDHEC Risk Institute, prior to which he was at Unigestion.

All of the roles are newly created and will strengthen Railpen’s investment capabilities so that it can continue to achieve its mission to pay members’ pensions securely, affordably and sustainably.

Ciarán Barr, Investment Director, said: “We are intent on delivering more value to our members by selectively increasing internal resources to manage and control more of the investment portfolios internally where it is efficient to do so. The recruitment of high quality, experienced individuals like Sweta, Matthias and Tony will strengthen our ability to deliver returns for our members.

RPMI Railpen strengthens in-house investment capabilities with new hires - Feb 2016


RPMI Railpen appoints Angelien Kemna to Investment Board

15 January 2015 - Further appointment strengthens RPMI Railpen’s investment governance

Railpen Investments today announces the appointment of Angelien Kemna to its board as it further strengthens its governance in pursuit of long-term excellence for its railway stakeholders.

Angelien currently holds the position of Chief Finance & Risk Officer at APG (Algemene Pensioen Group), the large Dutch pensions manager, as well as being a mem-ber of the organisation’s Executive Board. Until 2014, Angelien was CIO at APG, and her previous experience includes the role of CEO at ING Investment Management Europe, vari-ous investment roles at Robeco Group and a professor of Finance at Maastricht University.

Speaking on the position, Chris Hitchen CEO at RPMI commented: "I am thrilled that An-gelien has agreed to join the Railpen Investments Board. I have always been a great admir-er of Dutch institutions, and Angelien’s great personal experience and insight will be invaluable to us".

Chairman of the Railpen Investments Board, Paul Trickett added: "Welcoming Angelien to the team is another great step forward for us as a business as we continue with our Invest-ment Transformation Programme. We now have an extremely strong leadership team in place that will help our plans for the future".

RPMI Railpen appoints Angelien Kemna to Investment Board - Jan 2015


PGGM and RPMI Railpen letter to Oracle board

To the Board of Directors of Oracle Corporation

We write as long term shareholders of Oracle Corporation who have a deep concern about the company's governance. PGGM and Railways Pension Trustee Company Limited (Railpen) write on behalf of pension plans in the Netherlands and the United Kingdom with more than 2.8 million members and US$238 billion in assets under management.

We invest in public companies in numerous markets and consider corporate governance and the fiduciary obligations of the Board to shareholders to be of paramount importance to shareholders. As global investors, we believe that governance risk is particularly heightened in companies in which the founder serves as CEO or otherwise remains in a leadership role with the company. Our interests, as two non-insider shareholders, are at even greater risk when there is evidence that the interests of insiders are put before those of the broader shareholder base; we believe this to be the case at Oracle Corporation where the founder owns 26% of the outstanding shares. The vote results at recent annual meetings demonstrate this misalignment of interests and call into question the Board's judgment in light of the fiduciary duty which it owes to all shareholders: for three consecutive years, the advisory vote on compensation has been defeated and certain directors, namely the members of the Compensation Committee, were only re-elected at the 2013 annual meeting because they had the voting support of the founder.

Over the past four years, PGGM and Railpen have together written several letters to certain directors to begin a constructive dialogue for addressing our governance concerns. Our representatives have sought meetings at various locations convenient to those directors. Despite numerous attempts over this period, no meeting with any director has been forthcoming.

In November 2014, our representatives travelled to the company's headquarters and attended the Oracle Corporation annual shareholders' meeting to address the directors in person. Our representatives offered opportunities for you to commit to a dialogue to address our governance concerns.

Our request for dialogue was turned down and it appeared our earlier letters were never received by the Board. In our opinion, there is an untenable barrier in the ability of shareholders to communicate directly with the Board.

We call on the Board to properly address our serious governance concerns and demonstrate its commitment to represent the interests of all shareholders. To this end, we request that the Board:

• address board accountability by implementing proxy access especially as, according to our calculations, 68% of non-insider shareholders supported the 2014 proxy access proposal, of which our organisations were co-sponsors;
• implement a compensation structure that shareholders can support; and
• develop a policy to allow shareholders of Oracle Corporation to communicate effectively and directly with the Board.

PGGM and RPMI Railpen letter to Oracle board - Jan 2015