4 March 2024 – Interpreting fiduciary duties

Join us from 11:00-12:00 GMT for an online event co-organised by Pensions for Purpose, Phoenix Group and the Principles for Responsible Investment (PRI).

Only members with restricted access (ie. academics, asset owners, government and regulatory, independent advisers/trustees and sponsoring employers) can view this article. Please login or join to view.

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There is a widespread perception fiduciary duties prevent investors from intentionally pursuing improved sustainability impacts. This online event, co-organised with Phoenix Group and the PRI, will discuss the perceived and actual barriers to pension schemes investing for sustainability outcomes to meet their financial objectives.

During this educational session, a panel of expert lawyers and investors will present their views and interpretations of fiduciary duty and investing for sustainability impact, highlighting the compatibility of the two.


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Who should attend?

This event is open to asset owners such as pension fund trustees, in-house executives and independent advisers, professional trustees, legal professionals, government representatives and consultants.

Speaker biographies

Callum Stewart, Head of Investment Proposition Development and Distribution, Standard Life

Callum StewartCallum joined Standard Life in 2023 as Head of Investment Proposition Development and Distribution with over 15 years of consulting and actuarial experience. He is a qualified actuary and is passionate about improving outcomes for our customers. He has had a positive influence in the industry in terms of embracing opportunities such as sustainable and illiquid investments. He is perhaps best known for pioneering the '10-10-10' rule for DC illiquid investments.

As part of his role with Standard Life, Callum is responsible for developing their investment solutions and articulating their approach in the industry with the sole focus of delivering good outcomes for their members.

Carolyn Saunders, Pensions Partner, Dentons

Carolyn SaundersCarolyn is a Pensions Partner with global law firm, Dentons.

A specialist pensions lawyer for over 30 years, Carolyn has supported her corporate, trustee and provider clients through many seismic changes in the industry, alongside her busy practice of advising on numerous and varied day to day legal and regulatory issues.

Before joining Dentons in September 2023, Carolyn led successful pensions teams at Taylor Wessing and then Pinsent Masons, where she was the Head of the national pensions practice for many years, as well as the Head of Pinsent Masons’ London office. Carolyn also has a keen interest in ESG work and is recognised for her expertise in this area – especially in relation to trustee duties around climate change, biodiversity, and diversity and inclusion – where her work has included collaborations with Leeds University on climate change and with the Fawcett Society on female consumer engagement.

Carolyn is a regular conference speaker and media commentator on pensions, including for BBC News, Radio 4 and Radio 5 Live.


Keith Guthrie, Head of Sustainability, Cardano UK and NOW: Pensions

Keith is the Head of Sustainability for Cardano UK and for NOW: Pensions, a member of the Sustainability Policy Committee and a partner in the firm. He focuses on the development and integration of sustainability into Cardano’s investment offerings for UK clients and for NOW: Pensions, working closely with their in-house teams, clients and trustees. Before moving to the Sustainability Group in 2023, Keith co-led Cardano’s investment teams for 15 years. Prior to joining Cardano in 2008, Keith worked at GAM and RMB International managing a variety of multi-asset portfolios. Keith graduated from the University of the Witwatersrand, South Africa, with a BSc (Hons) in Statistics & Actuarial Science and is a Fellow of the Institute and Faculty of Actuaries.

Stuart O'Brien, Partner, Sackers

Stuart O'Brien

Stuart is a Partner at pensions law specialists Sacker & Partners. He has particular experience in the field of pensions finance and investment issues, including insured buy-ins and buy-outs, de-risking and advising on the legal aspects of scheme funding issues, including the use of contingent assets.

Stuart is a leading industry figure for environmental, social and governance (ESG) investment issues and is an authority and regular speaker and commentator on the integration of climate change into trustee investment decision making as well as TCFD reporting, stewardship and engagement issues.

Stuart has previously chaired the Pensions Climate Risk Industry Group and sat on a number of high-profile committees including PLSA working groups providing trustee guidance on ESG and implementation statements. He is a member of the Investment and Defined Contribution Sub-Committee of the Association of Pension Lawyers, a member of the legal panel to the Impact Investment Institute and most recently a member of the Financial Markets Law Committee Working Group which have published a new paper on Pension Fund Trustees and Fiduciary Duties.

Host

Charlotte O'Leary, CEO, Pensions for Purpose

Charlotte O'Leary

As CEO and an executive director of Pensions for Purpose, Charlotte oversees the running of the business, develops the growth and innovation strategy and looks for opportunities to build partnerships to achieve their mission. She also co-leads the training and Business Briefing service for asset owners and their advisers.

Charlotte is a member of the Sounding Board for the Social Value Portal, the Advisory Board for the Sororum, the pensions expert group for the Global Steering Group for Impact Investing and a member of the Pensions Equity Group.

She has over 15 years of experience in asset management, starting in fund analysis and progressing through to institutional business development, having worked for some well-known institutions, including Jupiter, Pictet and Cambridge Associates. Through these roles, Charlotte has built a knowledge and passion for sustainable investing. She has demonstrated this in co-authoring a paper with the Society for Pension Professionals on social impact investing and speaking on topics such as fee and service transparency at PLSA and Transparency Taskforce events. She played a key role in developing the Impact Investing Institute's Impact Investing Principles for Pensions.

Pensions for Purpose

Pensions for Purpose exists as a bridge between asset managers, pension funds and their professional advisers, to encourage the flow of capital towards impact investment. Our aim is to empower pension funds to seek positive impact opportunities and mitigate negative impact risks.

Our Community allows members to learn from leaders in the impact investment industry. We provide a trusted environment to interact, collaborate and share knowledge. Members engage in a programme of activity to shape their strategy in ESG, sustainable and impact investments.

For more information, please email the Membership Manager.


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