Summer 2023 Investor Agenda

Welcome to our Summer Edition of Investor Agenda

For many trustee boards, ESG and LDI matters are still on the top of investment committee agendas, particularly in light of recent regulatory guidance and announcements.

In this edition, we take stock of the position on ESG, and climate change in particular, for pension scheme trustees. We look at the review published by the Pensions Regulator of the first round of TCFD reports published by pension schemes, and consider what trustees can learn from this 
review when moving to future years of compliance. We also consider the recent announcement from the Pensions Regulator that it will be checking trustees’ statements of investment principles and implementation statements. Finally, we comment on the ‘greenwashing’ case currently being brought in Australia, and consider potential parallels with UK pension schemes.

In relation to LDI, we have seen a flurry of guidance from regulatory bodies, including the FCA,the Bank of England’s Financial Policy Committee and the Pensions Regulator, which aim to improve the resilience of LDI mandates to market events and to avoid repeating last year’s LDI crisis. We summarise the key aspects of the guidance and statements issued in this respect, and highlight key areas for trustees to consider in relation to their LDI portfolios.

As always, we welcome your views on our publications and topics you would like to see covered – please do contact me or your usual Linklaters contacts if you would like to provide feedback.