Fiduciary duty sits at the heart of pension decision-making, yet confusion and conflicting interpretations continue to shape how asset owners assess risk, return and responsibility. In this video, Charlotte O’Leary joins Laasya Shekaran to unpack why traditional approaches – rooted in modern portfolio theory and short-term risk models – struggle to account for systemic risks such as climate change, biodiversity loss and inequality, and why this matters for members’ real-world retirement outcomes.

The discussion also explores the proposed amendment to the pension schemes bill (NC17), backed by a growing coalition across parliament and the investment industry. Charlotte explains how defining fiduciary duty could:

• Unlock more resilient, long-term decision-making.
• Move market behaviour so sustainability and impact are financially relevant, not 'nice to haves'.
• Make investment decisions that protect members’ living standards in retirement.

All while reinforcing, not undermining, trustees’ core duty to pay pensions as promised.

Watch the video       Read about our campaigning with ShareAction