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Tag: Lord Harrison

  • Lord Harrison – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

    Lord Harrison – 2016 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Lord Harrison on 2016-02-26.

    To ask Her Majesty’s Government what assessment they have made of which of the provisions of the European Commission’s 2014 Recommendation on a new approach to business failure and insolvency would (1) benefit, and (2) harm, the UK’s insolvency regime if introduced.

    Baroness Neville-Rolfe

    The UK’s flexible and effective restructuring and insolvency regime is very much in keeping with the general themes of the EU Recommendation. Following the European Commission’s 2014 Recommendation, the Government conducted a call for evidence seeking the views of stakeholders and submitted a response to the Commission’s survey on how Member States comply with the Recommendation. The Government published the UK’s response in August 2015. This can be accessed here: https://www.gov.uk/government/consultations/european-commission-recommendation-on-business-failure-and-insolvency-call-for-evidence

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  • Lord Harrison – 2015 Parliamentary Question to the Department for Business, Innovation and Skills

    Lord Harrison – 2015 Parliamentary Question to the Department for Business, Innovation and Skills

    The below Parliamentary question was asked by Lord Harrison on 2015-10-13.

    To ask Her Majesty’s Government what assessment they have made of how the requirement for public-interest enterprises to disclose non-financial interests and diversity measures under European Union Directive 2014/95 affects United Kingdom small and medium-sized enterprises wishing to be listed on stock exchanges across the European Union.

    Baroness Neville-Rolfe

    The Government expects to publish a consultation document shortly on plans for transposition of this Directive, most of whose provisions are already reflected in UK reporting requirements. A full impact assessment, including an assessment of the impact on SMEs, will be made available alongside the consultation document.

  • Lord Harrison – 2014 Parliamentary Question to the Department for Work and Pensions

    Lord Harrison – 2014 Parliamentary Question to the Department for Work and Pensions

    The below Parliamentary question was asked by Lord Harrison on 2014-03-24.

    To ask Her Majesty’s Government what recent steps they have taken to ensure that information on the engagement activities of pension funds and other institutional investors with investee companies is made fully accessible.

    Lord Freud

    The Government supports the principles set out in the Financial Reporting Council (FRC) UK Stewardship Code including schemes becoming active stewards of their investments and reporting on that stewardship. The Code sets out a number of areas of good practice to which the FRC believes institutional investors should aspire, and operates on a ‘comply or explain’ basis. It includes guidance for pension schemes and other asset owners on steps they can take to protect and enhance the value that accrues to the ultimate beneficiary. The FCA requires UK authorised asset managers to report on whether or not they apply the Code.

    The UK stewardship code is voluntary, however we would encourage workplace pensions schemes to comply with the principles set out in the code. In addition we are developing governance standards of workplace defined contribution schemes, and have asked the Law Commission to investigate how fiduciary duties currently apply in the investment chain. The Pensions Regulator’s defined contribution Code of Practice also sets out the legal requirements and standards they expect trustees of defined contribution schemes to attain. This includes a section on investment which also references the FRC Stewardship code. These initiatives are part of our on-going work to ensure schemes are governed and administered to deliver in members’ interests.

  • Lord Harrison – 2014 Parliamentary Question to the Department for Work and Pensions

    Lord Harrison – 2014 Parliamentary Question to the Department for Work and Pensions

    The below Parliamentary question was asked by Lord Harrison on 2014-03-24.

    To ask Her Majesty’s Government what assessment they have made of the case for large occupational defined contribution pension schemes to be active owners or stewards of their assets, in line with the definition of stewardship as outlined in the Financial Reporting Council’s Stewardship Code.

    Lord Freud

    The Government supports the principles set out in the Financial Reporting Council (FRC) UK Stewardship Code including schemes becoming active stewards of their investments and reporting on that stewardship. The Code sets out a number of areas of good practice to which the FRC believes institutional investors should aspire, and operates on a ‘comply or explain’ basis. It includes guidance for pension schemes and other asset owners on steps they can take to protect and enhance the value that accrues to the ultimate beneficiary. The FCA requires UK authorised asset managers to report on whether or not they apply the Code.

    The UK stewardship code is voluntary, however we would encourage workplace pensions schemes to comply with the principles set out in the code. In addition we are developing governance standards of workplace defined contribution schemes, and have asked the Law Commission to investigate how fiduciary duties currently apply in the investment chain. The Pensions Regulator’s defined contribution Code of Practice also sets out the legal requirements and standards they expect trustees of defined contribution schemes to attain. This includes a section on investment which also references the FRC Stewardship code. These initiatives are part of our on-going work to ensure schemes are governed and administered to deliver in members’ interests.

  • Lord Harrison – 2014 Parliamentary Question to the Department for Work and Pensions

    Lord Harrison – 2014 Parliamentary Question to the Department for Work and Pensions

    The below Parliamentary question was asked by Lord Harrison on 2014-03-24.

    To ask Her Majesty’s Government what assessment they have made of the case for large occupational defined benefit pension schemes to be active owners or stewards of their assets, in line with the definition of stewardship as highlighted in the Financial Reporting Council’s Stewardship Code.

    Lord Freud

    The Government supports the principles set out in the Financial Reporting Council (FRC) UK Stewardship Code including schemes becoming active stewards of their investments and reporting on that stewardship. The Code sets out a number of areas of good practice to which the FRC believes institutional investors should aspire, and operates on a ‘comply or explain’ basis. It includes guidance for pension schemes and other asset owners on steps they can take to protect and enhance the value that accrues to the ultimate beneficiary. The FCA requires UK authorised asset managers to report on whether or not they apply the Code.

    The UK stewardship code is voluntary, however we would encourage workplace pensions schemes to comply with the principles set out in the code. In addition we are developing governance standards of workplace defined contribution schemes, and have asked the Law Commission to investigate how fiduciary duties currently apply in the investment chain. The Pensions Regulator’s defined contribution Code of Practice also sets out the legal requirements and standards they expect trustees of defined contribution schemes to attain. This includes a section on investment which also references the FRC Stewardship code. These initiatives are part of our on-going work to ensure schemes are governed and administered to deliver in members’ interests.

  • Lord Harrison – 2014 Parliamentary Question to the Cabinet Office

    Lord Harrison – 2014 Parliamentary Question to the Cabinet Office

    The below Parliamentary question was asked by Lord Harrison on 2014-03-24.

    To ask Her Majesty’s Government what steps they are taking to incentivise good stewardship of assets by charities.

    Lord Wallace of Saltaire

    Charity trustees have a legal duty to protect their charity’s assets and resources. The Charity Commission for England and Wales has published updated guidance on stewardship of charity assets which has been widely welcomed. As part of its charity law project, the Law Commission is currently considering the powers and duties of charity trustees in relation to social investment.

  • Lord Harrison – 2014 Parliamentary Question to the Department for Communities and Local Government

    Lord Harrison – 2014 Parliamentary Question to the Department for Communities and Local Government

    The below Parliamentary question was asked by Lord Harrison on 2014-03-24.

    To ask Her Majesty’s Government what steps they are taking to encourage local authority pension schemes to take into account environmental, social and governance factors in their decisions.

    Baroness Stowell of Beeston

    These issues are matters for individual local authorities that administer pension funds to consider when deciding upon their investment strategies. Each administering authority is required to publish a statement of principles, which may address such issues. Statutory guidance states that the authority must report periodically to scheme members on the implementation of their policies.

    Notwithstanding, local authorities need to focus on delivering a good rate of return for their fund and value for taxpayers, given local government pensions cost taxpayers (via employer contributions) almost £6 billion a year.