Tuesday, February 18, 2014

New guide for "unsung heroes of capitalism": AMNT Open Day

After lunch Tony Manwaring and Anete Dyakova from "Tomorrow's Company" spoke about their new guide 

"Tomorrows Value – Guide for Trustees and Capital Markets initiative" which is due to be launched on 5 March with the support of the Lord Mayor of London and also former chief of the Bank of England, Melvyn King.

Tony describes Pension fund trustees as the "unsung heroes of capitalism". Which will annoy intensively some trustees I know but I think is broadly correct. The guide is a complement to the Kay Review which didn't have many proposals and was more about analysis. He believes that there needs to be a focus on :-

1.What do you believe as a trustee board (your fundamental belief)? 
2.Understand your role and
3. Your fiduciary duty.

I asked him a question whether the pension trustee guidance will also address the governance gap in nearly all Contract and many MasterTrust schemes? He said not as such but if there is governance gap and if you believe achieving long term value then need proper governance. Which I took as really meaning "Yes".

Tom advised Pension fund trustees to be sceptical. If pension funds plans had worked properly in the past they would not be in the mess they are now. He thinks if is awful that the role of trustees has not been recognised.

Anete spoke "Tomorrow capital market" and how important it is to have a mindset as trustees that is not structured and to have sustainable and stable markets.

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