UK - The £1.2bn (US$2.4bn) North Yorkshire Pension Fund has selected AllenbridgeEPIC Investment Advisers (AEIA) to provide independent professional advisory services on governance and compliance.
The guidance provides a detailed description of each of the best practice principles against which compliance is to be measured. It suggests the appointment of an independent professional observer for governance arrangements could improve the public perception that high standards of governance are a reality and not just an aspiration.
Peter Scales, former chief executive of the London Pension Funds Authority and a senior adviser at AEIA, will act as the independent observer at the North Yorkshire Fund.
Neil Sellstrom, principal accountant at the North Yorkshire Pension Fund, said: "The pension fund committee has taken on board the best practice guidance issued by CLG and feels [it has] found an excellent solution in the form of AEIA and, in particular, Peter Scales who has unparalleled experience of LGPS funds."
Christopher Edge, chief executive of AEIA, said: "North Yorkshire has again demonstrated its intention to be a lead mover in this and other areas of developing best practice.
"AEIA looks forward to assisting other public and private sector schemes in this direction."
AEIA currently advises five LGPS funds, with a total value of assets under management of over £8bn.
In August, it was announced that Philip Williams, senior adviser at AEIA, had been re-appointed as independent investment adviser to the North Yorkshire Pension Fund.
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