UK - The drive for greater transparency among schemes and fund managers is still shaping the pensions industry, delegates were told.
Mercer senior consultant Piers Bertlin rejected criticism that the Myners Report “had been overtaken by events” and still was relevant for trustees.
He told delegates: “The 2004 Pensions Bill reiterated Myners’ desire for greater trustee knowledge and understanding when taking investment decisions.
“This is problematic as it increases burdens on trustees and does not define ‘sufficient knowledge’ but is an understandable attempt to raise standards.”
Transaction costs – called into question by Myners – are now subject to a voluntary disclosure code, which requires managers to explain how costs are handled.
Bertlin acknowledged that Myners had been superseded on certain issues – including the Institutional Shareholders Code and activism – but argued Myners was the catalyst for best practice.
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