UK - The Treasury is to hold crunch talks with senior industry figures on schemes' compliance with Myners' principles, three years on from the landmark report's publication.
Financial secretary to the Treasury Ruth Kelly MP is to host four meetings in which she will outline the government’s key concerns. The principle meeting – at which chancellor Gordon Brown is expected to attend – will be held on March 30.
A series of three meetings will then follow throughout April.
The first is set to focus on trustees’ expertise, and will take place on April 21. A week later, attendees will be grilled on asset allocation and the final meeting, on May 7, is on investment time horizons and shareholder activism.
One senior fund manager said the meetings are designed to “keep up pressure” on the industry.
The heads of Mercer Investment Consulting, Watson Wyatt and Hewitt Bacon & Woodrow are due to attend, as well as representatives from the £26.6bn BT Pension Scheme, the £20bn Universities Superannuation Scheme, the NAPF and the IMA.
Outgoing NAPF investment council chairman Ken Ayers (pictured) said: “My feeling is the government would prefer to avoid legislating, except in certain areas. But it needs to be sure the industry is doing its bit.”
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