UK - The appointment of Paul Myners to chair the Personal Accounts Delivery Authority has been welcomed by industry figures.
The UK Social Investment Forum (UKSIF) chief executive, Penny Shepherd, said the organisation greeted his appointment with optimism.
Shepherd said: “As the author of the Myners principles in 2001, we are optimistic he will take a positive approach to long term responsible investment.”
She continued: “As the government made it clear it would be the Personal Accounts Delivery Authority that would make investments, we will be writing to Mr Myners with a copy of our report on what leading public pension funds are doing around the world.”
UKSIF had challenged the UK government for failing to address socially responsible investing (SRI) in its Personal Accounts White Paper.
The Trades Union Congress (TUC) also commended the new appointment.
TUC General Secretary, Brendan Barber, said: “The new authority needs a chair with real authority in the financial world, but also an understanding of the world beyond.”
Barber continued: “It needs someone who can win the support of the many stakeholders involved, and develop a new pensions system that can provide security in retirement for the growing number of employees who work for employers that do not provide pensions.”
Myners said one of his first tasks would be to select a chief executive and other key members of staff.
In a separate develoment, Barber was more cautious in response to the government’s deregulatory review of occupational pension schemes, also revealed today.
He commented: “This is an important review that we will need to study carefully to see if it strikes the right balance between protecting members and encouraging employers to maintain and open quality pension schemes.”
Key recommendations for change included less prescriptive legislation and identifying the need for trustee expertise at board level.
PP has compiled a list of what to watch out for over the coming months.
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