Corporate Governance

The Pension Fund established its 2006 Corporate Governance policy during the first quarter of 2006. The Pension Fund made use of its right to vote at one General Meeting of Shareholders, during which it voted in favour of all the agenda items.

Owing to technical problems at the service provider responsible for processing voting instructions, the Pension Fund was unable to vote at one Meeting held outside the Netherlands.

11th April 2006

During the second quarter of 2006, SSPF made use of its voting rights at 21 general shareholders’ meetings, during which it abstained from voting four times and voted against proposed resolutions seven times. These votes were in line with SSPF’s Corporate Governance policy and generally concerned

the granting of a too wide-ranging authority to the board of management of the company involved to issue shares or the appointment of non-independent members of the supervisory board. Discussions were held with companies involved in several cases.
3rd July 2006

In line with its Corporate Governance policy the Pension Fund made use of its voting rights at two general meetings of shareholders in the third quarter of 2006. At one of these meetings, votes were cast in favour of all items on the agenda.

At the other meeting, there were grounds for voting against one item on the agenda

because this would have granted the company's board of management an excessively wide authority to issue shares. Once the motion authorising the board to issue shares had been amended, the Pension Fund thereupon voted in favour of this agenda item.
17th October 2006

The Pension Fund did not cast any votes at General Shareholders’ Meetings during the fourth quarter of 2006, as no such meetings were held

at which it may otherwise have done so pursuant to its Corporate Governance policy.

22nd January 2007