Dutch health service pension fund manager PGGM has called on property investment firm American Realty Capital Properties to remove its entire board in an effort to regain investor confidence in the company.

PGGM, the second biggest Dutch pension manager with over $200bn in assets, says it has been monitoring the investment firm closely since it deliberately issued inaccurate financial statements in October 2014. The scandal led to the resignation of the firm’s founder Nicholas Schorsch in December.

‘It is essential that the board demonstrate its commitment to the highest standards of corporate governance, in light of the fiduciary duty it owes to all shareholders,’ the PGGM letter said.

ARCP needs a truly independent board to choose a new management team, PGGM said. ‘This selection process will be of crucial importance in ensuring that all successful candidates are free from any real or perceived conflicts of interest.’

PGGM, which has over 11.6 million shares in ARCP, or a 1.3% stake, said it is urging fellow shareholders to ‘contribute to a meaningful and lasting change’.