I can think of nothing that the Secretary of State for Work and Pensions could do that would be so counter productive as this.
UK secretary of state for work and pensions announces plans for “programme of education” for #pension scheme trustees in 2023. #PLSA #ESG pic.twitter.com/Luwx8NhZRq
— Josephine Cumbo (@JosephineCumbo) March 10, 2022
Pension Trustees do not need re-education. They will resist any attempt to coerce them into a course of action that they do not consider in the interests of their members.
Pension Trustees have to consider the interests of their members in the round. It is in the interests of members to live in a society where environmental, social and governance issues are properly considered and action taken to mitigate risks and maximise happiness.
No one is going to object to a means of increasing access to assets that improve ESG. The Pensions Industry should be and is supportive of measures from Government to make this easier.
BREAKING: UK government to bring forward legislation soon to enable UK #pension funds to invest in productive finance such as infrastructure, Therese Coffey, Secretary of State for Work and Pensions tells the @ThePLSA #ESG2022 conference.
— Josephine Cumbo (@JosephineCumbo) March 10, 2022
But embedded in Therese Coffey’s approach is a deeply offensive sentiment that trustees are not to be trusted.
Re-education programs are common around the world. They are much loved by the authoritarian regimes of the east.
