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Why long-term value matters for pension fund trustees

5th March 2014 @ 8:00 am - 5:00 pm

The most fundamental pension fund trustee duty is to oversee and to assess the cost-effective transformation of retirement savings into pension scheme assets. Pension fund trustees play a pivotal and central role in shaping investment strategies to achieve secure financial returns for beneficiaries. To better achieve these it is increasingly important that long-term value shapes fundamental beliefs of the pension fund board as well as frames the mandate for the pension fund trustee.

This is a challenge but also an opportunity for pension fund trustees, as recognised in the recent publication of the Kay Review. Over the last two years we have been working with trustees and many other parts of the investment chain to produce a guide which sets out these arguments and supports trustee boards in forming and implementing a long-term financial view of value. The guide, Tomorrow’s Value Achieving long-term financial returns: A guide for pension fund trustees, will be formally launched after Easter.

The guide highlights three key points:

  • a new view of value is needed and provide the evidence for it;
  • behavioural pressures on trustees must be recognised and challenged;
  • fiduciary duty, properly understood, reinforces rather than constrains this view of value.

Join us for an event which will bring together leading individuals and trustees who have contributed to the guide as well as to the new thinking and emerging practice of long-term value creation. The Rt Hon the Lord Mayor of the City of London, Alderman Fiona Woolf CBE has put long-term value creation at the heart of her Tomorrow’s City programme in setting out how the City of London can best ensure its future by promoting and enabling long-term value creation. Professor Mervyn E. King SC has also led the reform of corporate governance in South Africa and beyond including board governance, corporate reporting requirements, and the code for responsible investment (CRISA). As Chairman of the IIRC, Professor King is driving the adoption of Integrated Reporting that has long-term value creation at the heart of these reforms. Barry Parr as Co-Chair of the AMNT has been active in seeking improved DC pensions and has a strong interest in investment matters.Helene Winch as Director of Policy and Research of the PRI has developed and implemented the PRI’s newly-formed policy and research work stream, supporting signatories to identify and overcome barriers that currently prevent financial markets from functioning more sustainably. Paul Kitson as Partner at PwC has been instrumental in supporting a number of large global pension funds and their corporate sponsors consider how best to assess value against the long term nature of pension scheme benefit commitments. Mike Clark as Director of Responsible Investment at Russell Investments has been committed to both corporate responsibility priorities as well as those that arise from its UN Principles of Responsible Investment (PRI) signatory status.Tim Middleton as Technical Consultant at PMI works extensively on the External Affairs Committee and provides input into PMI’s education programme


5th March 2014
8:00 am - 5:00 pm