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AMNT NEWSLETTER May 2015 -‐ Issue 03 Quarterly newsletter May 2 015 Summer Conference – Protecting your Investments The Red Line Voting initiative is the brainchild of our own AMNT Co-‐Chair, Janice Turner. Responsible investment is Janice’s passion and under the Red Line initiative, fund managers will be issued with voting instructions on how companies perform in relation to a set of environmental, social and governance issues. Crossing these ‘red lines’ should trigger a vote against the company at its AGM. Insufficient governance of companies has led to misjudgments, costing billions in fines and slashed dividends. Janice Turner, Trustee Bectu Scheme Consultations The AMNT and its Members always welcome the opportunity to respond to the various consultation papers issued by Government Bodies and have responded in the last month on the following: Our forthcoming Summer Conference on 24th June 2015 hosted by BNY Mellon and Insight Investment Management entitled “Protecting your Investments” will be the launch pad for the implementation of this new Trustee-‐led initiative. Ü DWP on “Changes to the statutory Investment Regulations for pension schemes”. Ü DWP/FCA call for “Evidence on Transaction Costs” Please respond early if you would like to attend, as places are thought to be eagerly snapped up. Ü Financial Conduct Authority on “Regulatory Changes to Pension Transfers” AMNT NEWSLETTER | Issue 03 MAY 2015 -‐ ISSUE 03 Calendar of Future Events May 2015 Workplace Pensions Live – 13 & 14/05/15: Edgbaston Visit the AMNT Stand at this prestigious Annual Event June 2015 RI Europe 2015 Conference – 02 & 03/06/15: London AMNT Members have been granted free access by using code RIEAO15 on Responsible Investors website www.responsible-‐investor.com/europe (plus free subs to RI magazine) AMNT Summer Conference – 24/06/15: London, EC4 4LA. CPD Certificates now available for this event. Pension & Benefits UK 2015 – 30/06/15 &01/07/15: London, QEII Conference Centre To find out about all our events, visit our dedicated calendar at www.amnt.org/events IMPORTANT: If you have not already done so, can existing Members please re-‐register their membership details on the new website at www.amnt.org
Survey Questions We would still be interested in receiving your feedback on the AMNT holding regional meetings, e.g. Manchester, Leeds, Sheffield, Birmingham? Please let us know your thoughts. Thanks. It is our intention to organize a training session on LDI Derivatives in the near future for between 10 to 15 Members. Please respond to [email protected] if you are interested; to determine a date and a meeting place. How have the New Pension Freedoms been affecting your Pension Scheme since their introduction on 6th April 2015. Please send any interesting situations or key issues that you have encountered to Kate Bendy. Our Co-‐Chair Barry Parr has been asked to participate on a panel at the Pensions and Benefits Show this year on the general subject of independent trustees versus lay trustees. As preparation for this event Barry would still appreciate any feedback or experience that members have regarding this topic. Our Annual Survey of Members will be issued very soon, so please complete as this gives us the information to best represent our Members, help drive the AMNT forward and to do this at no charge to Members. Members can access the draft Red Lines on our website in the members only area and email their thoughts to [email protected]. AMNT NEWSLETTER | Issue 03 MAY 2015 -‐ ISSUE 03 What is the Thinking Ahead Institute? By TOWERS WATSON Investment Business We aim to ‘change investment for the better’, which will benefit all participants. As a result Towers Watson has established the ‘Thinking Ahead Institute’ to create a forum where relevant and like-‐minded parties can meet to discuss, challenge and bring about positive industry change. We are strong believers in the power of diverse opinions to generate substantially superior solutions. The ‘Thinking Ahead Institute’ is a vehicle for the industry to share thoughts and ideas, and to help build the path that will lead to changing investment for the better. We believe that economies and markets are complex and adaptive, which means that nothing stands still. Business models and strategies must adapt as new technologies come on stream and new players enter the competitive market. The investment industry is part of this change. The ‘players’ – the institutional asset owners, asset managers and consultants, have changed what they do, how they do it and the types of people they employ. In addition, governments and regulators also impose change on the industry. In early 2014 we asked UK and US based asset managers to take part in a short survey. The first statement we asked respondents to react to was: ‘the investment industry is primarily designed to help the ultimate beneficiaries rather than the agents working within it’. Only 42% of the respondents were able to agree, which we find disappointing. On a more positive tack, 21% of respondents disagreed with the statement, despite that not being in their interest. We presume this implies they see a case for changing the way our industry operates. In our view, there is not so much a case for change, but rather an urgent need for it. The 2014 Edelman Trust Barometer, a global survey of 33,000 people in 27 countries, showed that the financial services is the least trusted industry, with no improvement in its position or score from the previous year. It is clear that our industry is not providing a strong enough value proposition to the end saver and it would appear that the end saver knows this. We believe the industry must seize the initiative and ‘do the right thing’ for the end saver. Not just because it is the right thing to do, but also because that will build a more sustainable investment industry – and one that is more satisfying to work in. Help!
The AMNT is always
looking for motivated
and active new
members. Do you
know of anybody who
fits the bill?
Get in touch If you would like to contribute to the next edition of our newsletter please do contact Kate at [email protected]. We look forward to hearing from you!