The Friday Takeaway: The importance of strong leadership
The Pensions Expert inbox has been flooded with comments on the new ministerial appointments announced over the past week. Chief among them is Emma Reynolds, who takes on the role of pensions minister.
Undoubtedly the most interesting aspect of her role is her dual reporting line – she will have one foot in the Department for Work and Pensions and one in the Treasury. This may reflect the importance of the pensions sector to the new government’s economic plans. Let’s hope that we finally get some strong and stable leadership from the new administration.?
A development that some may have missed among all this is the Financial Conduct Authority’s (FCA) new listing rules. Pension schemes, led by Railpen , have voiced concern over the removal of some voting rights.?
If institutional investors are to play a key role in corporate stewardship and in holding companies to account over issues such as climate change, they need to be given the power to do so.?
The FCA maintains that other rules, protections and disclosure requirements are enough not to materially dilute investor powers. The proof of this particular pudding will be in the eating, and all pension schemes will expect the regulator to make full use of its powers to support stewardship efforts.
Further afield, Gareth Southgate’s stewardship of the England men’s football team has been under intense scrutiny these past few weeks. Despite the pressure, on Sunday he’ll be leading his team out at the European Championship Final for the second tournament in succession.?
Southgate has led with integrity, determination and humility throughout his eight years in charge. He’s had rough patches and been questioned over decisions but has ultimately given fans of English football so much to be grateful for. Perhaps our new ministers can take a leaf or two from his book.?
Enjoy your weekend.?
Nick Reeve?- Editor, Pensions Expert
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Story of the week: USS and Brunel to help shape National Wealth Fund
Senior executives from Brunel Pension Partnership Limited and the Universities Superannuation Scheme (Ltd) are among the initial members of a working group set up to advise on the government's planned National Wealth Fund.
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“Building a green economy requires a step-change in coordination between the government and investors, so that the policy and regulatory environment is truly enabling for long-term investors. The National Wealth Fund comes at a crucial moment in the political cycle to help set that course.” (David Vickers, CIO, Brunel Pension Partnership)
Appointments: McClymont to join PLSA board, and new CEO at Railpen
It's been another busy week for people changing jobs. Big news from Railpen as Andy Bord is set to take over as CEO of the ￡34bn pension scheme in October.
Elsewhere, former Labour shadow pensions minister Gregg McClymont is to join the board of the Pensions and Lifetime Savings Association later this year. Other companies
Upcoming event: The DB Strategic Investment Forum
Calling all DB scheme trustees and managers! Pensions Expert and DG Publishing are hosting the DB Strategic Investment Forum on 17 and 18 September at Cameron House on the shores of Loch Lomond.
We're kicking off the event with a pre-conference discussion about the evolving role of consultants in providing services to DB schemes, followed by dinner at Cameron House's La Vista restaurant.
Our speakers will be covering everything from policy to consolidation, equities to real estate, natural capital to impact investing. Register now or view the latest agenda here.