UK – The UK government is to review whether the non-legislative Myners Report on investment principles for occupational pension schemes is working two years after the original report was published.

“This review will give us the evidence we need to determine if the non-legislative approach to the Myners’ Principles is working,” said pensions minister Ian McCartney.

Paul Myners, the former chairman of Gartmore, published his “Institutional Investment in the UK” report in March 2001. He will act as an advisor to the new review.

The Myners report called for higher professionalism among pension fund trustees.

“This review will be the acid test of whether the industry has taken the Myners Investment Principles on-board sufficiently,” said Ruth Kelly, chief secretary to the Treasury.

Trustees have been in the news recently. Sir Graeme Davies, chairman of the UK’s Universities Superannuation Scheme, says: “What trustees need are creative and talented specialists to suggest alternative measurement methods and performance systems that would address the short-termism problem and simultaneously have a positive effect on corporate governance and SRI concerns as well.”



Topics