US - The parent company of Mercer, Marsh & McLennan Companies (MMC), has proposed an overhaul of the governance structure of its board of directors, seeking an end to the three-class structure and forcing all directors to stand for annual re-election as their existing three-year terms expire.
Stephen Hardis, chairman of the board of directors, MMC, said: "The decision to declassify is the latest step in the board's ongoing effort to implement best corporate governance practices at MMC."
Mark Evans has been appointed as a director at Independent Trustee Services (ITS) to lead trustee appointments in London.
The Pension Protection Fund (PPF) is consulting on changes to the actuarial assumptions it uses in valuations in a bid to better reflect the bulk annuity market, with schemes set to move into surplus on aggregate.
Private sector defined benefit (DB) schemes were 96.3% funded on a Pension Protection Fund (PPF) compensation basis at the end of July, according to the lifeboat fund's monthly index.
Conduent has completed the sale of its actuarial and human resource consulting business to private equity investor, H.I.G. Capital.