In this series, we engage with leading figures in the asset management industry and beyond. This time we spoke with Cecile Roze, Manager of Corporate Sustainability at PGGM. In this role, Cécile signed the CFA DEI code on behalf of PGGM. This is a guideline that helps companies develop internal diversity. In this interview, she talks more about PGGM's inclusion, equality and diversity policy and the value of the CFA DEI code.
In what way is PGGM committed to inclusion, equality and diversity? And how did that lead to the signing of the CFA DEI code?
"At PGGM we had been working on diversity, equity and inclusion, or Diversity, Equity, and Inclusion (DEI), for a number of years. Internally, our focus included developing policy, diversifying our board, and including DEI goals in our business units' annual plans. Although we had already taken these steps, we did a review in 2023. We had policies in place, but realization was lagging. Therefore, we concluded that we needed to shift our emphases and set new priorities.
In response, we created a dedicated working group, the DEI Core Team led by our CEO to address these issues. In doing so, we decided not only to look at our internal processes, but also to learn from what was happening in the market. In parallel, a number of colleagues worked actively within the CFA Society Netherlands to create the CFA DEI code. An interaction ensued that eventually led us to the signing of the CFA DEI code. This code provides us with valuable guidance for the further development of DEI within PGGM and is a comprehensive guide with which we can assess our internal progress on DEI."
What does it mean for an asset manager to sign the code? What has it brought you?
"Signing the CFA DEI Code requires a clear commitment and prioritization. It is essential to determine what is achievable and set your focus on that. The code is about fostering progress. It is a development process where we learn together what the best practices are. This starts with recognizing the principles and actions that have already been taken. It may be that much has already been addressed, or it may require first establishing shared goals within the organization. This commitment must be supported both top-down and bottom-up. This ensures that development comes naturally.
Ultimately, you want results, but that starts with learning to crawl before you can walk. The code helps us work step by step toward a more inclusive equal and diverse organization. It is not a law you have to comply with, not a compliance check, nor is it a marketing tool or a form of greenwashing. The code must intrinsically fit the culture of the company. It is a voluntary choice that must become part of your day-to-day operations.
Meanwhile, several companies have come to us to talk about the code and exchange "lessons learned. This topic offers many opportunities to learn from each other, and sharing experiences helps us all move forward. DEI is not something limited to internal communication or symbolic actions. It is about real people management: an inclusive culture ensures that you value and promote diversity. Diversity is about bringing a different perspective and means recognizing, accepting and valuing colleagues' differences. Inclusion is essential to secure diversity and is about giving space to differences so that everyone feels welcome. Equality is one of the foundations for inclusive where equal treatment and equal pay are the keys.
A practical example of this is the shift to English as the working language within our asset management unit as we attract more and more international colleagues. This was a clear bottom-up demand that was embraced by our management, allowing us to be more inclusive and better aligned with our growing, diverse workforce."
What would you like to give other DUFAS members about signing the code?
"My call is to embrace diversity, equality and inclusion as an industry and pull together in this. Sign the code! Since we signed the code, companies have approached us to talk about this and share experiences. This is incredibly valuable and something we can take up together as DUFAS members. The topic is broad, so it is important to have a concrete agenda. If you don't structure it, it can go in all directions. That's why it's crucial to work together and support each other in this process."
DUFAS established the Diversity and Inclusion Working Group this year. Are you interested in participating? If so, please email for more information and to sign up.
