Organization
Achmea Foundation's organization
Achmea Foundation’s communication
As in previous years, our goal for 2020 was to increase the ‘positive feeling’ about the Achmea Foundation among Achmea employees and to increase their willingness to contribute to the activities of the Achmea Foundation. To positively influence both sentiment and the willingness to contribute, efforts have been made to increase awareness of the foundation among Achmea employees.
Reporting on Achmeanet
To increase awareness of the Achmea Foundation, in 2020, Achmeanet (Achmea’s intranet) was used as a communication tool. In March 2020, the ‘normal’ reporting was disrupted by the coronavirus pandemic. As a result, ongoing communication regarding the foundation and the various initiatives has not gone as planned. The Achmea Foundation’s support of initiatives that contribute to a healthy, safe and future-proof society, particularly in difficult times such as now with the COVID-19 pandemic, has been communicated.
Financial position
In 2020, the Foundation had a positive result of €1,755,000 (2019: €318,000) as a result of the higher contribution from Achmea B.V. and on balance lower expenditure on initiatives. In total, 5 initiatives totalling €1,773,000 were committed in 2020 (2019: 8 initiatives totalling €2,106,000) and 3 new loans totalling €880,000 were issued in 2020 (2019: €205,000).
The Achmea Foundation has had to adjust its activities due to COVID-19. The outbreak of the pandemic at the beginning of the year 2020 has affected the many initiatives that Achmea Foundation supports. The financial impact of COVID-19 on the Achmea Foundation is limited, both in terms of investment income and contributions from Achmea B.V.
Asset management
The Foundation’s asset management strategy is a socially responsible investment strategy with a defensive risk profile. The Foundation invests the available assets in impactful ways. It excludes companies whose activities are incompatible with the social role of Achmea and the Achmea Foundation (for instance companies in the tobacco and coal industries). In 2015 the decision was taken to go a step further. Since then the investment portfolio has consisted solely of companies that share our objectives. We also decide on a selection of indicators to measure the positive impact of an investment on people and society, taking into account the background and objectives of the Achmea Foundation. These indicators are used to select companies to invest in which, compared with their direct competitors, deliver a positive contribution. This policy also applied to the Foundation in 2020. The strategic asset allocation has been set at 80% fixed-income securities and 20% marketable securities, whereby the fixed-income securities must include at least 50% government loans. No investments are made in warrants, options and futures, while derivatives positions are authorised only to hedge the exchange risk arising from investments in fixed-income securities and marketable securities. In this way the investment portfolio contributes to the Foundation’s work not only in financial terms, but also in terms of substance.
Risks and uncertainties
The risk profile expresses the key strategic, operational, financial, legislative and reporting risks to which the Achmea Foundation is exposed.
The strategic risk is related to the objectives of the Foundation. It is the risk of not being able to make a sustainable contribution to improving the quality of the lives of people from disadvantaged social-economic backgrounds. Achieving this objective in the long term is dependent on Achmea’s contribution and therefore its result, and on the implementation of projects to which the Foundation makes a contribution. Given the nature of the Achmea Foundation’s activities, the Foundation regards this risk as limited, since the solvency position at year-end 2020 is deemed sufficient for the years ahead.
Budget
The Board of the Foundation has the ambition to have €850,000 to be spent on objectives by 2021. Spending is lower as compared to the policy given that the surplus in the Foundation’s assets has decreased due to donations and pledged loans in 2019 and 2020.
The Achmea Foundation Board and administrative office
The Achmea Foundation is an independent Dutch foundation (stichting) funded by Achmea. The Board, comprised of seven members, one of whom is an advisory member, is supported by an operational administrative office whose director reports to the Board. The staff of the administrative office are employed by Achmea.
The Board feels an affinity with the core values, principles, standards and recommendations recorded in the Governance Code that has been developed for asset management funds by the SBF (collaborative federation of philanthropic organisations).
