PME

PME's executive board, chaired by Eric Uijen as of 2023, holds ultimate responsibility for investment policy. The board operates under a mandate shaped by the social partners — employers' association FME and trade union FNV Metaal — who negotiate pension agreements that define the fund's risk appetite and strategic asset allocation. Day-to-day portfolio management is conducted by a combination of internal professionals and contracted external asset managers.

PME is governed through the Metalektro Consultation Board, a formal body where representatives of metal and technology employers and the FNV Metaal union negotiate pension arrangements. This social-partner model gives trade unions a direct voice in investment policy, meaning ESG priorities and exclusion decisions reflect labor-side concerns alongside fiduciary return targets. Few large European pension funds maintain such explicit negotiated governance over capital allocation.

PMT (Pensioenfonds Metaal en Techniek) is PME's sister fund, serving a parallel but distinct segment of the Dutch metal and technology workforce. The two funds frequently co-invest in infrastructure and deep-tech mandates, creating a pooled-commitment dynamic that gives them access to larger direct deals than either could make independently. They share a common social-partner governance heritage but maintain separate boards and portfolios.

PME holds direct Dutch residential and retail property portfolios, a global forestry portfolio, and co-investment stakes in infrastructure projects. Its March 2024 commitment of EUR 500 million to affordable Dutch housing was a direct allocation, not a fund investment. The fund also holds an International Real Estate Fund Portfolio that provides exposure to mixed-use assets globally alongside its direct holdings.

Yes. PME maintains a dedicated impact investment portfolio with a global mandate, separate from its broader private equity and infrastructure allocations. The initiative focuses on climate transition and development outcomes, and is driven by social-partner priorities rather than solely financial return targets. This portfolio sits alongside the fund's PRI signatory commitment to ESG integration across all asset classes.

All of PME's roughly EUR 55 billion in assets comes from mandatory pension contributions made by employers and employees in the Dutch metal and technology industry. The fund serves approximately 160,000 active participants and 500,000 pensioners, making it a fully collectively funded scheme with no external endowment or government transfer component.

PME's exclusion policy is shaped by its social-partner governance and PRI signatory status. The fund has publicly committed to phasing out carbon-intensive holdings inconsistent with the Paris Agreement and maintains exclusions on controversial weapons manufacturers. Specific stock-level exclusions are reviewed through a negotiated framework involving both employer and trade union representatives.