In the afternoon we had report backs on our AMNT working groups.
I chair the Defined Benefit Working Group and gave a brief presentation on our work to defend and promote DB schemes. I was probably the first person ever to offer trade union fraternal greetings and invite people to join a pension picket line to such an audience at such a location.
We then had a presentation on "Is shorter-term equity investing an issue for our Pension Schemes?" by Professor Paul Sweeting who works for JP Morgan and the University of Kent. I asked him about the problem that short term investors (by definition) cannot act as owners and make sure that the managers of companies act in their owners' interests and not their own. Paul recognised that this could be a problem but thought that the advantages that such investors bring to the market in terms of liquidity out weigh this (hmmnn - I'm not convinced).