APG takes measures following breach of Code of Conduct

APG dismissed two investment professionals from APG Asset Management on the spot in February of this year. The internal compliance systems showed that these investment professionals had breached the Code of Conduct in place at APG by failing to make sufficient distinction between business and personal transactions.

APG attaches great importance to strict compliance with the Code of Conduct (in the Dutch branch) and the Code of Ethics (for branches in the USA and Hong Kong) by its employees. Following the discovery of the breaches concerned, the regulators DNB (the Dutch Central Bank) and AFM (the Netherlands Authority for the Financial Markets) were informed immediately. An internal investigation was also initiated to look into the nature and the scale of the breaches. This resulted in the immediate dismissal of the two investment professionals. The investigation also showed that the breaches did not result in any financial losses for our clients.

 

For more information:

APG
Group Communications
Tel.        +31 (0)45 579 8100 / +31 (0)6 23961472
Fax        +31 (0)45 579 2194
E-mail    concern.communicatie@apg.nl
www.apg.nl

 

Date: 10-03-2010