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Law Commission should offer clarity, avoid fiduciary duty statute – NAPF

first_imgIn its response to the Law Commission’s consultation on fiduciary duties, the association said it was unconvinced of the need for a statutory underpinning for fiduciary duties.“Instead, the Law Commission may wish to consider producing an open letter that could be sent to trustees and investment intermediaries summarising the key conclusions,” it said.“This exercise would benefit trustees by making it clearer they can consider wider factors such as ESG issues when making investment decisions, and that fulfilment of stewardship responsibilities is compatible – indeed, aligned – with a trustee’s fiduciary duty.”The Law Commission’s review of legal duties, announced last year, started a debate about the need to codify fiduciary duties, one that has led to warnings that any attempt to draw up primary legislation could not be a “magic solution”.The association’s response also touched on governance in defined contribution (DC) funds, arguing that contract-based schemes – run by the for-profit insurance industry – could still offer good member outcomes if they were well governed.It said that, to ensure good governance in such arrangements, employers should be obliged to “put in place a governance arrangement to support the interests of pension savers”.It also seemed uncertain if proposed provider-level governance boards would be effective in addressing the governance “vacuum”.“If Independent Governance Committees are formed,” the consultation said, “they should be constituted primarily to act on behalf of employers, who, as the purchasers, are the actors that should have responsibility for bringing in pension arrangements that offer value for money and also have the most influence over the provider (regardless of the fact that the employee holds the individual contract).”The Law Commission previously warned that legal duties were insufficient to protect the interest of DC members and said they needed to be enforced by an efficient regulatory system.,WebsitesWe are not responsible for the content of external sitesNAPF response to UK Law Commission review Rather than the Law Commission recommending greater clarity through statute, pension trustees and asset managers in the UK should be offered greater guidance on the scope of fiduciary duties, the National Association of Pension Funds (NAPF) has said.The association also said it accepted there was a governance “vacuum” in some contract-based pension arrangements that could harm member outcomes, but was unconvinced that proposed provider-level trustee boards were best way to solve the problem.Will Pomroy, corporate governance policy lead at the NAPF, said pension trustees already had a “good grasp” of fiduciary duties, and knew it was their responsibility to act in the best interest of their member.“The law as it is currently understood allows trustees to use their judgement and discretion appropriately,” he added. “This flexibility extends to the consideration of environmental, social and governance (ESG) factors and to the fulfilment of their stewardship responsibilities as set out within the UK Stewardship Code.”last_img read more

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Wellington Compost Site to open July 1 from 8 a.m. to 5 p.m. to accommodate wind clean-up

first_img Close Forgot password? Please put in your email: Send me my password! Close message Login This blog post All blog posts Subscribe to this blog post’s comments through… RSS Feed Subscribe via email Subscribe Subscribe to this blog’s comments through… RSS Feed Subscribe via email Subscribe Follow the discussion Comments Logging you in… Close Login to IntenseDebate Or create an account Username or Email: Password: Forgot login? Cancel Login Close WordPress.com Username or Email: Password: Lost your password? Cancel Login Dashboard | Edit profile | Logout Logged in as Admin Options Disable comments for this page Save Settings You are about to flag this comment as being inappropriate. Please explain why you are flagging this comment in the text box below and submit your report. The blog admin will be notified. Thank you for your input. There are no comments posted yet. Be the first one! Post a new comment Enter text right here! Comment as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Submit Comment Subscribe to None Replies All new comments Comments by IntenseDebate Enter text right here! Reply as a Guest, or login: Login to IntenseDebate Login to WordPress.com Login to Twitter Go back Tweet this comment Connected as (Logout) Email (optional) Not displayed publicly. Name Email Website (optional) Displayed next to your comments. Not displayed publicly. If you have a website, link to it here. Posting anonymously. Tweet this comment Cancel Submit Comment Subscribe to None Replies All new comments Sumner Newscow report — The Wellington Compost Site will be open today, July 1, 2016 from 8 a.m. to 5 p.m. to accommodate cleanup from the winds yesterday, with normal hours Saturday of 8 a.m. to 4 p.m.City crews will be out today picking up limbs along the streets in the affected areas of town.  This will consist of limbs and trees growing on the public right-of-way.Please be advised there are still a lot of broken limbs hanging from trees.  We do not recommend parking vehicles under large trees and walkers need to be aware of limbs overhead.Special care and precautions need to be taken when removing limbs above the head to prevent personal injury or property damage.Follow us on Facebook.Follow us on Twitter.last_img read more

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