Your pension, your future
Love your future. Shell Pension.
Your pension, your future
Love your future. Shell Pension.

November 2020

Cooperation with third parties

Outsourcing

SSPF cooperates with various outsourcing parties. Some of these parties, in turn, outsource certain operations to third parties (sub-outsourcing). SSPF has a policy on outsourcing. It contains the principles, the procedure to be followed, the demands made on the executing party, how the continuity of the outsourced operations is safeguarded and how it is is verified whether the execution is in accordance with the agreements that were made.

The board is and remains responsible for well-controlled and ethical business operations, also for that part of the operations which have been outsourced. The outsourcing policy remained unchanged in 2020. The board has focused on monitoring the implementation of this policy.

Also in times of crisis in 2020, we cooperated well with the outsourcing parties. Together, we were able to successfully carry out our operational activities and interventions in response to the strategic agenda were carried out to our satisfaction.

"Also in times of crisis in 2020, we cooperated well with the outsourcing parties"

Monitoring outsourcing relationships

The tasks, powers and duties of SPN, SAMCo and APS are laid down in agreements, together with the related performance criteria and accountability reports. The board has granted the directors and one SPN employee general power of attorney (signing authority). APS and SAMCo additionally have limited power of attorney that allows them to perform their tasks for SSPF. Each year the Fund receives an independent assurance report from SAMCo and APS, in which they render account of the structure and effectiveness of the internal controls for the operational processes in the past year. These assurance reports are analysed and where necessary followed up. The 2020 reports offer sufficient assurances for the structure, the existence, and the effectiveness of the internal controls at SAMCo and APS. SPN and SAMCo fall within the scope of the Shell Internal Audit (SIA) audit programme and SIA regularly audits the processes and control at SPN and SAMCo.