US - The Securities and Exchange Commission has postponed implementing rules giving shareholders a bigger say in board make-up while a court of appeals reviews a lawsuit trying to block the regulations.
In September, US Chamber of Commerce and the Business Roundtable filed a lawsuit against the SEC rules, which give shareowners the ability to nominate their own candidates for directors and allow long-term shareholders to place nominees on the company's proxy card. The rules were adopted on August 25. (Global Pensions; September 30, 2010)
"Among other things, a stay avoids potentially unnecessary costs, regulatory uncertainty, and disruption that could occur if the rules were to become effective during the pendency of a challenge to their validity. Because the Commission and petitioners will seek expedited review of petitioners' challenge, questions about the rules' validity will be resolved as quickly as possible," the SEC said in an order posted on its website.
The SEC's rules were widely backed by institutional investors in the US including the California State Teacher's Retirement System and the Council of Institutional Investors.
Some of the UK's biggest pension schemes will be forced to report on climate risk in line with recommendations from the Taskforce for Climate-related Financial Disclosures (TCFD).
TPT Retirement Solutions has launched a pension scheme for the education sector which offers schools both defined contribution (DC) and defined benefit (DB) pension provision.
The People's Pension has revealed plans to overhaul its charging structure, cutting fees and returning profits to members with an aim to help people save more money for retirement.
Data consultancy ITM has appointed Akash Rooprai as head of client management to lead its de-risking business.