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The Hague, 10-9-2013
The Board of Trade and Industry (Tribunal) made on September 10, 2013 ruling on a designation of De Nederlandsche Bank (DNB) to the Pension Fund Vereenigde Glasfabrieken (Pension Fund).
The Pension Fund in October 2009 interest in physical gold extended 12% of the total investment portfolio. DNB saw this as a violation of the prudent person rule in Article 135 of the Pensions (Pw) and instructed the Pension Fund to invest only between 1 and 3% in gold.
The court of appeal has upheld the Pension Fund and the decision of DNB was revoked.
On appeal, the Tribunal confirms the decision of the court. The court is of the opinion that the Board of DNB wrongly determined that the Fund acted by choosing the investment in gold, contrary to the prudent-person rule. Pension funds have a certain space to their investment in such a way that the open standard of Article 135 Pw are met. DNB in this case has not demonstrated that the Fund has made, with the security, quality, liquidity and profitability of the portfolio as it was not secured. Entirely a choice
The Rotterdam District Court will consider the request for compensation. Submitted by the Pension Fund.
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