- New regulations impose greater stewardship and disclosure duties on trustees
- Original news
- What are the implications of the new regulations?
- What is the background to these regulations?
- What amendments are being made by these regulations to the legislation?
- Stewardship and trustees of pension schemes—the story so far
- Amendments to the Investment Regulations by regs 2 and 4 of the 2019 Regulations
- Amendments of the Occupational and Personal Pension Schemes (Disclosure of Information) Regulations 2013, SI 2013/2734 by the new regulation SI 2019/982, regs 3 and 4
- What happens next?
Pensions analysis: On 6 June 2019 the Occupational Pension Schemes (Investment and Disclosure) (Amendment) Regulations 2019, SI 2019/982, were laid in Parliament. The regulations seek to impose greater duties on trustees in respect of their stewardship and governance policies by putting into effect Articles 3g and 3h of the EU Shareholder Rights Directive II (SRD II) into UK law as it relates to workplace pension schemes. Among other things, SRD II prescribes new rules for EU listed companies, intermediaries, institutional investors and asset managers and promotes greater transparency regarding investment strategy, directors’ remuneration, the voting process in general meetings, and shareholders. The government accepts that there is a link between the 2018 changes brought in by Pension Protection Fund (Pensionable Service) and Occupational Pension Schemes (Investment and Disclosure) (Amendment and Modification) Regulations 2018, SI 2018/988, and the SRD II requirements. The government’s intention is that the new regulations bring in the remainder of the SRD II requirements relating to disclosure of engagement policy and engagement policy implementation (Article 3g), arrangements with asset managers (Article 3h.2) and disclosure of investment strategy (Article 3h). SRD II had a UK transposition deadline of 10 June 2019.
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