UK - NAPF CONFERENCE - Larger pension schemes have made the most progress on Myners' principles, according to David Lawton, head of financial stability and markets at the Treasury.
Two years after the Myners report, pension schemes with more than a thousand members and pension schemes where practices were already close to compliance, have made the greatest progress.
Lawton told delegates that a government review had found that progress was most visible on the more quantifiable aspects - funds have reviewed their asset allocation policies, benchmarks and performance measurement.
Least progress has been made on areas like effective decision-making, shareholder activism, transparency and assessing performance of trustees and investment consultants.
“There has also been very little progress in clarifying investment management timescales. The role of investment consultants seems to be based more on trust rather than any formal assessment of their performance,” he added.
Moderate progress has been made on developing clear objectives and explicit mandates for investment managers.
Lawton said that the quantitative element of the assessment, surveying about 1,500 schemes, was nearing completion.
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