British pension funds pledge to promote manager diversity

The goal is to standardize diversity disclosure and help signatories hold companies accountable for continued progress, the statement said.

Other signatories with collective assets of £ 1.08 trillion include Avon Pension Fund, Barnett-Waddingham, Church of England Pension Board, Coal Pension Trustees Investment, Cornwall Pension Fund, Environment Agency Pension Fund, LCP, LGPS Central Limited, Local Pensions Partnership Investments Ltd. , Redington and Willis Towers Watson.

UK Pensions and Financial Inclusion Minister Guy Opperman applauded the charter and encouraged other pension funds to sign it. “We need asset managers to be more representative of the savers they represent,” he said in the statement.

The group is co-chaired by Helen Price, Brunel’s stewardship manager and David Hickey, Lothian’s portfolio manager.

“We expect fund managers to deal with diversity as a big investment problem, but we wonder to what extent they do if they do little to address it in their own organizations,” Ms. Price said. in the press release. “By asking for this information, fund managers will face poor performance and start taking the necessary diversity action.”

Mr Hickey said that pension funds “do not benefit from the talent pools available in the population … We hope that the diversity charter will allow us to look under the hood of the policies and practices of the companies and to discover what which causes the kinks in the garden hose, which are especially extreme when it comes to black talent. “