FMLC publishes paper to clarify legal position on the fiduciary duty of trustees

Paper aims to help trustees in their discussions with their advisers

Professional Pensions
clock • 1 min read
The FMLC's paper reviews issues of fiduciary duty and its intersection with sustainability and climate change
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The FMLC's paper reviews issues of fiduciary duty and its intersection with sustainability and climate change

The Financial Markets Law Committee (FMLC) has published its final report on pension fund trustees and fiduciary duties.

The paper comes after the FMLC set up a working group last year following the publication of the government's green finance strategy to consider the issues around fiduciary duty and what further action is needed.

The FMLC said the working group's final report - Pension Fund Trustees and Fiduciary Duties: Decision making in the context of Sustainability and the subject of Climate Change, published today (6 February) - was intended to provide, in terms that are understandable to pension fund trustees, a general explanation of the legal position and the uncertainties and difficulties that exist.

It said it hoped the paper would help trustees in their discussions with their advisers - and would be short enough for trustees to "have with them in the meeting room or as they read the papers before a meeting".

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