HS Trustees managing director Bobby Riddaway is chair of the TSWG
The Trustee Sustainability Working Group (TSWG) has set out six priorities for the year ahead.
The group – chaired by HS Trustees managing director Bobby Riddaway – was formed by a group of 13 professional and member-nominated trustees at the end of last year in a bid accelerate the implementation of good sustainability investment practice across the industry.
It said that, during the remainder of the year, it wanted to work with regulators and other market participants to clarify guidance for climate scenario analysis based on the Institute and Faculty of Actuaries' Planetary Solvency report among others.
The group said it would also help the industry to put in place for a transition plan with real world impact for large schemes with the view to rolling this out to other schemes once good practice is established.
The TSWG said such a plan would replace Taskforce on Climate-related Financial Disclosures and negate the need for Taskforce on Nature-related Financial Disclosures and Taskforce on Social-related Financial Disclosures.
It said it would also help get buy-in from the regulators on changing the implementation statement for small schemes, and potentially getting some transitional relief.
In addition to this, the group said it would do policy advocacy work for no new fossil fuel – but noted this advocacy did not mean disinvestment at this point.
It said it would also "wake the voice of small schemes" to participate in a targeted number of stewardship issues each year – building on a small scheme's success with Shareaction in 2024.
Finally, the TSWG said it would provide a clear view on the big issues that have been debated over the last few years – building on most of the points above but throwing in any other issues it thinks appropriate.
The group noted these objectives might evolve through the year adding their inclusion in the list did not necessarily mean they represented the views of all the firms on the group.
