15 January 2014 I’m often asked to summarise my top-level thinking on how I approach trusteeship – my trustee philosophy. This question is most often posed with respect to the investment duties involved but – as there is no such thing as a solely investment-focused trustee – the principles involved serve me in the wider exercise of trustee duties. I hope that you find them interesting … please remember you read them here first !
12 March 2013 The NAPF has added to their list of ‘made simple’ educational guides available on their website with a new title on Fiduciary Management, written and sponsored by Russell Investments. If you have read the guide or have views on the pros and cons of fiduciary management / delegated consulting, please do leave comments below.
06 December 2012 In November 2012, the National Association of Pension Funds published a document: “Pension Charges Made Clear: Joint Industry Code of Conduct” in association with a number of industry trade bodies: the Association of British Insurers, the Investment Management Association and the Society of Pension Consultants.
26 September 2012 On 23rd July 2012, Professor John Kay published the final report on his independent review examining the UK equity markets and the impact of investment on long-term corporate performance and governance.
15 June 2012 The Accounting Standards Board has been working to replace the battery of existing Financial Reporting Standards (FRSs) and Statements of Standard Accounting Practice with a single comprehensive FRS that will provide consistency and cohesion. As part of this, in January 2012, it issued “Revised FRED 46, 47 & 48: The Future of Financial Reporting : Part Two: The Draft Standards” for comment (link provided below).
7 June 2012 The United Kingdom Debt Management Office has launched a gilts consultation exploring the case for the issuance of gilts with longer maturities than those currently in issue and/or perpetual gilts. The DMO will focus on the depth and sustainability of investor interest and the impact of issuance on the structure and functioning of the gilt market. For reference, the longest conventional gilt is the 4% Treasury of 2060 (47 yr maturity, appx 23yr duration) : though various small undated gilts (such as the famous War Loans) exist. The longest linker is the 3/8% Treasury of 2062 (49…
