The aims of the IGG are to:
- implement a new industry-led framework for the application of the Myners principles;
- improve the way pension schemes are governed; and
- encourage the spread of best practice in investment decision-making and governance.
The group is an important forum for continued development of investment decision-making and governance.
Its composition and operation is critical to it achieving its intended purpose, and to maintain industry ownership of the principles and process.
Terms of reference
The terms of reference for the IGG are as follows:
- Promote best practice in investment-related governance by occupational pension schemes including defined benefit, defined contribution schemes, small schemes and local government pension schemes.
- Encourage and influence improvements in standards of investment-related governance and sharing of good industry practice.
- Take ownership of the principles for institutional investment decision-making, monitor their application and reporting by trustees and recommend improvements as required.
- Identify and direct users to existing best practice guidance and trustee tools that support the principles and co-ordinate action by group members to fill any gaps, including the provision of further tools to assist trustees within a voluntary 'comply or explain' environment.
- From time to time, advise the group's sponsors on the state of investment-related governance.
Representation
The IGG has strong representation from experienced figures involved in the governance of investment decision-making on behalf of scheme members, and in particular from trustees.
The Government acknowledges that a wide range of experts and professionals who support trustee decision-making, such as investment managers and investment advisers, must be fully included in the process. The most effective way of ensuring this wider representation is through the operation of the specialist sub-groups, which the IGG has set up to manage specific work streams.
The Government believes that representation on the IGG by HM Treasury (HMT) and the Department for Work and Pensions (DWP) on an ex-officio basis is consistent with its interest in the governance of investment decision-making and their sponsorship will enhance the IGG's authority.
Equally, the composition and operation of the IGG demonstrates that it is capable of industry ownership of the principles and process, and is not simply a Government-run consultative committee.
Group members
Tom Boardman
James Churcher
Mark Fawcett
Bill Galvin
Lindsey Lewis
Sue Lewis
Nicola Mark
Victoria Nye
Rene Poisson
Mike Samuel
Derek Scott
Joanne Segars
Doug Taylor
Helen White