To improve public procurement – use the Trust Test
Public procurement is too often solely made on price, and not enough on true value and to account for areas...
Tomorrow’s Company first drew attention to a stewardship deficit in the UK in 2008 and this has stimulated the development of a UK Stewardship Code for investors and parallel developments around the world. But how to turn stewardship from aspiration to practical reality in the everyday decisions to be taken by pension trustees, investment consultants, fund managers, and company directors?
In ‘Why Stewardship Matters’ Tomorrow’s Company offers its agenda including the steps that need to be taken by regulators and the government in order to create the conditions in which stewardship can flourish.
The report describes the complicated chain that channels savings from pension funds, insurance policies and retail financial services into investments in companies. In its accompanying ‘Stewardship Manifesto‘ it suggests the steps each participant can take in order to make the chain work more effectively in the interest of stewardship.
It points out that investment returns over the long term are only created in healthy companies and we need a critical mass of investment funds to provide effective stewardship over our investments in these companies to promote the right climate for wealth creation.
Public procurement is too often solely made on price, and not enough on true value and to account for areas...
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