UK - Edinburgh banker Sir Angus Grossart has been re-elected as chairman of the Scottish Investment Trust, despite fierce opposition from Hermes Pensions Management.
Hermes has a 9% shareholding in SIT and opposed Grossart’s re-election, claiming that his 27-year tenure compromises his independence.
Board member Sir George Mathewson said the trust would create a nominations committee to set up the chairman’s successor and would observe the highest standards of corporate governance.
Enhanced powers for The Pensions Regulator (TPR) to prosecute and fine company directors who "wilfully or recklessly" put their defined benefit (DB) pension scheme at risk will be hard to enforce, commentators say.
Melrose has pledged to contribute up to £1bn to GKN's pension schemes as part of a final offer to acquire the engineering business.
Existing master trusts will be forced to pay £41,000 when applying for authorisation under the upcoming regime, the government has confirmed.
UPDATE 2 - DWP publishes DB white paper: Stronger powers for TPR, DB chair statements to be introduced
The Pensions Regulator (TPR) will be given the power to fine company bosses who deliberately puts their defined benefit (DB) schemes at risk, the government has confirmed.