UK/US - Railpen Investments and the Universities Superannuation Scheme want greater engagement with US companies and global collaboration on corporate governance.
The drive is outlined in a report backed by 27 European and US institutional investors – representing around £900bn in assets. The document follows a meeting organised by USS and held in the US.
USS chairman Sir Graeme Davis warned that the globalisation of the equity market meant pension funds could not afford to ignore standards elsewhere.
Railways Pension Trustee Company chief executive Peter Murray said the US was a big attraction for UK pension funds.
But he said investors were concerned because of a “fragmented investment community” in the US and its lack of a “combined code” on corporate governance.
PwC, KPMG, EY and Deloitte must break up their consultancy and audit businesses into distinct firms to provide greater focus on the "most challenging and objective audits", the competition watchdog has said.
The Department for Work and Pensions (DWP) has released its first batch of guidance setting out how the guaranteed minimum pension (GMP) conversion legislation may be used to resolve unequal payments.
This week's top stories include the government spending £800,000 on a Gogglebox advert and MPs writing to The Pensions Regulator about its engagement with the Railways Pension Scheme.