UK - The Pensions Management Institute claims the government should be applauding trustees for the way they have addressed issues raised by the Myners Report.
And PMI president Roger Cobley defended the fact that, at a difficult time for schemes, activism was not judged to be the primary concern.
Cobley said: “The fact that there has been little activity by many schemes in some of the areas that Paul Myners included in the principles, particularly activism, indicates that these areas are not viewed by trustees or their advisers as readily adding value to the overall process of improving the investment decision-making process.”
The PMI argued that the research had taken place while equity markets and long-term interest rates had fallen dramatically, and the ability of employers to reduce scheme deficits was also in question.
The institute claimed that many trustee boards were showing “healthy doses of pragmatism”. It welcomed their willingness to evaluate long-term investment strategy in light of business and investment risks, and assess the potential effect on funding levels rather than in asset-only space, as had been done in the past.
The PMI argued the research had been carried out up to a year ago and best practice would continue to evolve without the need for legislation.
Investors, driven by depressed interest rates, slower global economic growth and rich equity market valuations are examining non-traditional investment opportunities.
The registration deadline for the Workplace Savings & Benefits Awards 2019 is today.
This week's top stories were the DWP giving the green light to CDC and TPR granting extensions for 11 master trust authorisation applications.
Susan Martin says building strong foundations for business are the only way forward as the pensions industry is radically shaken up