Latest Publications

FairPensions' industry surveys examine and rank the Responsible Investment performance of the UK's largest pension funds and fund managers. Year in, year out, FairPensions' research keeps these powerful bodies accountable and under scrutiny. By systematically measuring and making public key indicators for progress on Responsible Investment, our reports have become a respected industry benchmark, as well as a powerful campaign tool.

Although there’s still a long way to go, our research shows significant annual improvement in investor transparency and action on Responsible Investment. We are confident that our research, case-making and lobbying has helped to drive that progress.

1. Pension Fund Surveys

• Responsible Pensions? UK Occupational Pension Schemes' Responsible Investment Performance (April 2009)
• UK Pension Scheme Transparency Survey on Environmental, Social and Governance Issues (December 2007)
• UK Pension Scheme Transparency on Social, Environmental and Ethical Issues (November 2006)

For Responsible Investment to be the norm, pension funds must put their money where their mouth is. Expressing a concern for social responsibility or the environment is one thing, but putting Responsible Investment principles into practice is another. This requires a documented and publicly disclosed strategy for engagement with investee companies on environmental, social and governance (ESG) issues, which includes quantifiable targets and demonstrable action. 

That’s why our pension fund surveys examine the existence and transparency of ESG policies and practices amongst the UK’s largest occupational pension funds. Surveying the largest 20 pension funds in 2006 and 2007, and expanding to 30 in 2009, our research shows investors are taking Responsible Investment more seriously and becoming more transparent over time. There’s a big gap between the leaders and laggards however, with the majority of pension schemes still falling short of best practice codes for accountability and disclosure.

For each of the top 30 UK occupational pension funds in our 2009 survey, FairPensions offered a specific set of recommendations for how Responsible Investment practices could be improved.

View recommendations for your pension scheme.

2. Fund Manager Surveys

• Investor Responsibility? UK Fund Managers' Performance and Accountability on 'Extra-Financial' Risks (November 2008)
• Fund Manager Transparency and Engagement on Environmental, Social and Governance Issues (October 2007)

Most pension funds outsource management of their schemes to external fund managers. With a huge pool of capital at their disposal (in 2008 the UK’s top 30 fund managers managed assets worth US$22 trillion), it’s crucial that they, too, are committed to Responsible Investment.

Our reports on transparency and engagement amongst the UK’s leading fund managers reflect our pension fund findings: despite annual improvement, there’s an enormous disparity between individual asset managers’ performance. We’ve also found an emphasis on governance issues (e.g. company board structure and executive pay), rather than on social and environmental issues, and there is often little evidence that engagement has led to changes in corporate behaviour.

3. Public Policy Proposals & Responses

FairPensions is keen to remove any unnecessary regulatory barriers to the encouragement of responsible investor behaviour. We therefore engage with government and other policymakers to promote Responsible Investment and find ways to encourage it, including actively submitting proposals on the issue.

• Submission: DEFRA Reporting Guidelines for Greenhouse Gas Emissions (Joint Submission with Christian Aid and Oxfam) (2009)
• Submission: The Walker Review of Corporate Governance in UK Banks and Other Financial Industry Entities (September 2009)
• Submission to the Pensions Regulator: Ideas & Evidence on Responsible Ownership (July 2009)
• Response: Personal Accounts Delivery Authority Investment Consultation (May 2009)
• Submission: Financial Reporting Council's Review of the Effectiveness of the Combined Code (May 2009)
• Response: DWP Consultation on Pension Scheme Disclosure (May 2009)
• Response: Pensions Regulator Consultation on Refreshed TKU Code of Practice and Scope Guidance (December 2008)
• Response: Draft OECD Guidelines for Pension Fund Governance (September 2008)

4. Self-Assessment Survey for Pension Funds

Self-Assessment survey for UK occupational pension funds

5. Trustee Best Practice Guide

Responsible Investment Trustee Best Practice guide (May 2006)