Fiduciary Management and Investment Governance post CMA Review
08.45 : Registration and Coffee
09.20 : Welcome & Opening Remarks
Fred Jaffe, Executive Director, Specialist Pension Services
09.25 : Session 1: Setting the Scene
Moderator: Bob Hymas, Trustee Executive, BESTrustees
Jay Ions, Executive Director, Goldman Sachs Asset Management
How is Fiduciary Management Changing?
Looking at how Fiduciary Management is developing in the UK and the issues facing trustees post CMA review. Based on a recent survey, the focus will be on how trustees want to develop their fiduciary management relationship to improve asset management for their funds.
Prof. Adrian Furnham, Principal Behavioural Psychologist, Stamford Associates
Advice vs. Delegation: A Psychologist's Perspective
The decision to outsource to a fiduciary manager requires a clear self-assessment of the trustees’ investment abilities and the time they can commit to investment issues. Questions of trustee board dynamics and the interplay with key stakeholders are also very relevant. This talk will look at the typical problems of boards and their consequences. It will go on to consider how to select fiduciary managers: that is what traits, skills and abilities characterise success (compared to investment consultants) and how to evaluate them. The talk will also consider the experience of incorporating the input of psychologists in the selection and monitoring of investment managers.
10.40 : Coffee/Tea
11.10 : Session 2: Information & Monitoring for Trustees
Moderator: Roger Brown, Founder & Director, IC-Select
How Custody is Changing
This talk will highlight the role of a custodian in the governance of pension fund assets. Discussions include how innovations in technology are helping to independently evaluate a portfolio in areas such as risk, performance and compliance. With an increasing regulatory burden how can a custodian provide necessary information and transparency for trustees.
Anthony Webb, Head of Fiduciary Practice, KPMG
How is the Performance Assessment of Fiduciary Management Changing?
How can you benchmark the performance of your fiduciary manager? The wider development of ratings and how to use these in assessment and monitoring. Are Fiduciary managers becoming more transparent so trustees can see their added value and how are things likely to change through technological innovations and post CMA review?
12.25 : Drinks and Lunch
13.35 : Session 3: ESG
Matthew Mignault, Director, Ernst & Young
ESG in Fiduciary Management & Investment Governance
As trustees become more aware of ESG investment issues and fulfilling their fiduciary responsibilities, this session will look at the sorts of questions you should be asking of your investment advisors and fiduciary managers. Based on a recent survey, it will also consider the ways fiduciary managers are incorporating ESG into their offerings to pension funds
Jonathan Nelson, Head of Research, CGLytics
Repurchases and Remuneration: Rigging the System?
Much ado has been made about the potential for companies to use share repurchases to manipulate performance criteria for their executive remuneration plans, but is this actually the case? This talk will discuss the use of share repurchases and the metrics for remuneration granted to executives from 2015 to 2017 in order to examine if there is a correlation between the two. As the responsibilities placed on fiduciary managers continues to mount, we will take a deeper dive into this aspect of trustees’ company stewardship with regards to the company’s use of capital to fund repurchases and the financially-based performance criteria for executive remuneration policies.
14.50 : Coffee/Tea
15.10 : Session 4: CMA Review & Case Studies
Investment Consultancy Reforms
This session will focus on the outcomes of the investigation into the investment consultancy sector at the request of the FCA.
Brendan Walshe, Investment Consultant, Regulatory Policy, Analysis and Advice
Responding to the CMA Review
The CMA published their final report on 12 December 2018. The remedies proposed included a number of specific actions for TPR. This presentation will address how TPR is expecting to respond to the CMA review and will include consideration of:
- Proposed remedies
- Adverse impacts in practice
- Development of guidance
- Improving the standards of governance
- TPR's expectations of trustees
Panel Session: Looking to the Future
Trustees and advisors discuss their experiences of Fiduciary Management and the changes to come.
Barry Mack, Director, Muse Advisory
Gerald Wellesley, Client Director, Punter Southall Governance Services
16.30 : Drinks Reception & Close of Conference
Fiduciary Management is changing following regulatory developments such as the CMA review as well as improvements in the assessment and monitoring of fiduciary managers. Technology is also assisting in the improvement of investment governance and transparency. This conference is designed to help trustees assess their investment governance practices and broaden understanding of good governance in selecting, implementing and monitoring both managers and funds.
The conference is by invitation only for pension funds and other institutional investors. If you are not already receiving an invitation please contact us. A limited number of Complimentary invitations are usually available to genuine pension fund representatives (executives and trustees) and other approved institutional investors. However, to ensure we have room for as many funds as possible, we have to limit free places to 2 attendees per approved organisation thereafter a reduced rate fee is payable per delegate. Furthermore, SPS always reserves the right of admission (free or paid) and our decision is final.
April 10, 2019 Le Meridien Piccadilly, London
April 17, 2019 Le Meridien Piccadilly, London
May 9, 2019 Le Meridien Piccadilly, London
June 11, 2019 The Westbury, Dublin
June 18, 2019 Le Meridien Piccadilly, London
July 11, 2019 Le Meridien Piccadilly, London
September 5, 2019 Le Meridien Piccadilly, London
September 12, 2019 Le Meridien Piccadilly, London
September 24, 2019 Apollo Hotel, Amsterdam
October 3, 2019 7A Strandvägen, Stockholm
October 10, 2019 Le Meridien Piccadilly, London
November 7, 2019 Le Meridien Piccadilly, London
November 14, 2019 Le Meridien Piccadilly, London
November 21, 2019 The Met Hotel, Leeds
December 5, 2019 Le Meridien Piccadilly, London