UK - The Walker private equity review has "left out" pensions, according to lawyers.
Law firm, LG said the Walker review on private equity was surprisingly silent on the role and involvement of the pensions industry.
Adam Bushby, pensions partner at LG, said: "Given quite vocal representations on the importance of pension funds and fund trustees in the debate on public equity, it is extraordinary that the Walker report is almost totally silent on this point."
Busby added the omission was all the more surprising as the Treasury Select Committee had just widened its inquiry to look at effect of private equity transactions on pension funds.
He said at least some of the concerns expressed by unions and the public could be met by requiring private equity firms to notify pension fund trustees of bids for sponsoring employers at the earliest possible juncture.
“This would to enable them to make effective use of the limited powers currently available to them for the benefit of scheme members," added Bushby.
Global Pensions reported earlier this week that the recommendations in the Walker Report on private equity have been welcomed by industry bodies, but described as a “diversion” by the union Unite.
The report, produced by Sir David Walker and aimed at increasing transparency, suggests portfolio companies publish their annual report and accounts on their website within six months of the year end; including the identity of the private equity funds that own the company, senior managers or advisers who have oversight of the funds, and details on the composition of their board.
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