UPCOMING EVENTS

On 11 and 24 April 2012, we will be hosting two roundtables in association with Towers Watson to take forward the analysis in chapter 2 of our 2011 report, 'The New Fiduciaries'.

The first will explore the relationships between trustees, asset managers and consultants, and ask what implications they have for an understanding of fiduciary duty which focuses only on the obligations of trustees.

The second will address the increasingly important role of insurance companies as asset owners, particularly in the context of auto-enrolment. It will explore the differences between trust- and contract-based pension provision both in terms of legal duties and structures of governance and accountability.

If you would like to register your interest in these events, please email christine.berry@fairpensions.org.uk.

Past Events

On Wednesday 19 October 2011, FairPensions collaborated with ACCA on a roundtable event to discuss and refine the proposal contained in chapter 6 of our report, for an 'enlightened fiduciary' standard for investors based on company directors' duties under section 172 of the Companies Act 2006.

The event was attended by a range of experts including asset owners, asset managers, lawyers, academics and civil society representatives (see below for a full list). Participants generally agreed that there would be value in extending the principles of section 172 to institutional investors, in order to correct persistent misconceptions about the scope of investors' fiduciary duties and clarify that trustees are free to consider factors beyond short-term financial return in meeting their beneficiaries' best interests.

The roundtable also discussed details such as the appropriate scope for any such measure, and the range of factors to which fiduciaries might 'have regard'.

The background paper for this roundtable can be downloaded here. On the basis of the discussion, we will be producing a revised proposal for statutory clarification, accompanied by a supporting paper. If you would like to feed into this work, please email christine.berry@fairpensions.org.uk

Roundtable attendees

Alice Chapple (Forum for the Future)

Prof. David Collison (University of Dundee)

Alistair Cowie (Dept for Business, Innovation & Skills)

John Davies (ACCA)

Paul Dickinson (Carbon Disclosure Project)

Elliot Frankal (ESG Communications)

Philip Goldenberg (company law expert)

Mark Goyder (Tomorrow's Company)

David Howarth (Cambridge University)

Howard Jacobs (Universities Superannuation Scheme)

Rob Lake (United Nations Principles for Responsible Investment)

Georgina Marshall (Aviva Investors)

John Mellor (Foundation for Governance Research & Education)

Chris Milne (Dept for Business, Innovation & Skills)

Claire Molinari (Sarasin & Partners LLP)

Paul Moxey (ACCA)

Charles Scanlan (former Head of Pensions, Simmons & Simmons)

Paul Todd (National Employment Savings Trust)

Raj Thamotheram (Independent Strategic Advisor, Investment)

Janet Williamson (Trades Union Congress)