Donald Fleming has been elected as chair of the Employer Covenant Working Group (ECWG).
Fleming, who is a covenant assessment partner at RSM Restructuring Advisory, took over the role from Grant Thornton pensions advisory partner Keith Hinds on 1 August.
The ECWG, which launched last year, works in collaboration with trustees, sponsors and regulators to consider issues facing covenant advisory work.
It previously issued guidance on how to assess the employer covenant as part of integrated risk management exercises, including how to consider the effect of scheme mergers, corporate transactions and scheme mergers.
Fleming said the sponsoring employer covenants were key to the resilience of defined benefit (DB) schemes recognised in the Department for Work and Pensions' green paper.
"The employer ‘covenant' is a critical part of this resilience and is at the core of integrated risk management," he said. "This calls for robust financial risk analysis, drawing on the distinctive skills and experience of covenant practitioners.
"The ECWG plays an important part in helping develop thought-leadership in matters concerning covenant and a joined-up approach with the other professional advisers to pension schemes and the companies that support them. Our members have worked constructively together to produce guidance in a number of areas to help drive best practice in covenant-related work.
"I should like to thank my predecessor, Keith Hinds, for his hard work over the past year and look forward to continuing in his path during my term."
Fleming joined RSM in May after leaving Gazelle Corporate Finance where he had been a managing director since 2009, and a director from 2005 to 2009. Prior to this he worked in corporate finance at JP Morgan Cazenove from 1994 to 2005, and as a lawyer with Clifford Chance from 1998 to 1994.
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