2016.

February

rd 3 London The Campus Newcastle of University, London. | Page 1

...is an informal but increasingly influential forum dedicated to encouraging greater transparency in financial services, right around the world. We are a campaigning community that believe higher levels of transparency are a prerequisite for fairer, safer and more efficient markets that deliver better value for money and better outcomes to the consumer. Because of the correlation between a lack of trust and a lack of transparency, we hope that our work on transparency will also help to rebuild trust and confidence in financial services, for the benefit of all market participants and their clients.

…has a purpose; to galvanise support for the idea that there ought to be higher levels of

transparency in financial services, right around the world. It is a uniquely inclusive opportunity to properly consider and the debate the keys issues, contemplate thought leadership and build consensus on the best way forward for the financial services industry and its clients, as a whole.

Delegates will enjoy an environment that is conducive to candid and intelligent debate, where ideas can be exchanged in a constructive and civilised manner thereby encouraging co-operation, collaboration and collegiality, for the benefit of all.

…is competed for at each of our Transparency Symposiums, by individuals and organisations that can evidence they “believe in transparency”, align with our overall objectives and want to

showcase their pro-transparency credentials. There can be no doubt that the world’s financial services regulators and policymakers want greater transparency; and that asset owners, pension schemes and so on deserve it. Clearly, optimum outcomes are dependent on transparency.

The winners will be shining examples to the rest of the market. They may educate, enable and encourage but one thing is certain – they will be world leaders in advocating a more enlightened, client-centric and transparent approach to business.

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With much thanks to the sponsors of today’s Transparency Symposium:

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About the Transparency Task Force Teams Rapid progress that has been made since our first meeting in May 2015; it is perfectly clear that we are going to make a difference. All the credit must go to the many individuals and organisations actively involved with our six teams:-

The Data Team The Transaction Costs & Charges Team The Rationale for Decision-Making Team The Stewardship Team The Terms & Conditions Team The International Best Practice Team

The following tables show the make-up of the teams; those in bold red are Team Leaders.

DATA TEAM:

First name Last name Job title Organisation

Andy Agathangelou Founding Chair Transparency Task Force

Chris Connelly Principal Consultant Aquila Heywood

Shaul David Fin Tech Sector Specialist UKTI Financial Services Organisation

Nick Flemming Market Development Manager British Standards Institute

Nils Johnson Director Spence Johnson

Con Keating Principal Brighton Rock Group

Markus Krebsz Interim Chief Risk Officer UNECE GRM

Henrik Pedersen Co-Founder Clerus

David Rich CEO Accurate Data Services

James Singer Senior Associate P-Solve

Christopher Squirrel Founder and CEO Sciurus Analytics

Tim Walton Manager, Data Research and Morningstar Analysis Elizabeth Campbell- Managing Director Gabriel Research & Management Warner Gerry Wright Partner Smith & Williamson Investment Mgt

Stewart Bevan Product Manager - Benchmarking KAS BANK

Iain Clacher Associate Professor in Accounting & Leeds University Business School Finance John Simmonds Principal CEM Benchmarking Inc

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TRANSACTION COSTS & CHARGES TEAM:

First name Last name Job title Organisation Andy Agathangelou Founding Chair Transparency Task Force Nick Flemming Market Development Manager British Standards Institute Con Keating Principal Brighton Rock Group Henrik Pedersen Co-Founder Clerus Iain Clacher Associate Professor in Acc & F’ce. Leeds University Business School Stephen Bowles Head of Inst. DC Schroders Stephen Budge Principal Mercer Sunil Chadda Managing Director Cairn Consulting Ltd Iain Cowell Head of Inv. Solns. UK & Ireland Allianz Global Investors Andrew Evans Chief Executive Officer Smart Pension Niall Ferguson BD Director, DC Inv. Cons’g. Barclays Corp & Employer Solns. Ben Ford Sales Manager Janus Capital International Lucy Forgie Policy Adviser ABI Nick Gannon Policy Manager B&CE, The People's Pension Jamie Jenkins Head of Pensions Policy Standard Life Angie Kirkwood Snr. Mgr. Industry Development Scottish Widows James Monk Head of DC Investments Aon Employee Benefits Ronnie Morgan Strategic Insight Manager Royal London Imran Razvi Public Policy Adviser Investment Association Economic and Social Affairs Tim Sharp TUC Department Henry Tapper Founder Pension PlayPen Anna Tilba Lecturer in Strat. Corp. Gov’ce. Newcastle Uni. Business School Graham Cook Portfolio Solutions Macquarie Securities Ralph Frank CEO Charlton Frank Shyam Moorjani Director, Risk Advisory Deloitte LLP Neil Morgan Senior Pension Trustee Capita Asset Services Jonathan Parker Head of Defined Contribution Dimensional Fund Advisors Chris Sier Director FiNexus

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RATIONALE FOR DECISION-MAKING TEAM:

First name Last name Job title Organisation Andy Agathangelou Founding Chair Transparency Task Force Con Keating Principal Brighton Rock Group Iain Clacher Associate Professor in Acc & F’ce. Leeds University Business School Henry Tapper Founder Pension PlayPen Neil Morgan Senior Pension Trustee Capita Asset Services Markus Krebsz Interim Chief Risk Officer UNECE GRM Steve Cave Associate Director Smith & Williamson Rachel Haworth Policy Officer ShareAction James Meenan CEO JNM Investment Governance Tim Middleton Technical Consultant Pensions Management Institute Mark Miller Employee Benefits Consultant Barclays Corp & Employer Solns. Alan Salamon Managing Director Corpias Jeremy Williams Director Holbrook Pensions Limited Henrik Pedersen Co-Founder Clerus STEWARDSHIP TEAM:

First name Last name Job title Organisation Andy Agathangelou Founding Chair Transparency Task Force Con Keating Principal Brighton Rock Group Nick Flemming Market Development Manager British Standards Institute Anna Tilba Lecturer in Strat. Corp. Gov’ce. Newcastle Uni. Business School Luke Hildyard Policy Lead: St’p & Corp. Gov’ce PLSA Sarah Hutchinson Consultant SJ Hutchinson Ltd Paul Lee Head of Corporate Governance Aberdeen Asset Management Paul Marsland Deputy Director High Pay Centre Rachel Haworth Policy Officer ShareAction Emma Craig Marketing Specialist KAS BANK N.V. Paul Hewitt Business Development Manager Manifest Barry Mack Head of Governance Hymans Robertson David Weeks MNT Lovells, AMNT Sarah Wilson Chief Executive Manifest

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TERMS & CONDITIONS TEAM:

First name Last name Job title Organisation Andy Agathangelou Founding Chair Transparency Task Force Con Keating Principal Brighton Rock Group Alison Berridge Corporate Affairs Manager B&CE, The People's Pension Michael Kemp Senior Pensions Technician Pinsent Masons LLP Sebastian Reger Partner Sackers Terry Ritchie Development Director Trustee Solutions Ltd Judith Donnelly Partner Squire Patton Boggs Janice Lambert Pensions Consultant Independent

INTERNATIONAL BEST PRACTICE TEAM:

First name Last name Job title Organisation Andy Agathangelou Founding Chair Transparency Task Force Con Keating Principal Brighton Rock Group Janice Lambert Pensions Consultant Independent Anna Tilba Lecturer in Strat. Corp. Gov’ce. Newcastle Uni. Business School Amy Auster Executive Director Australian Ctr. for F. Services Academic Finance Rosalie Degabriele University of Technology, Sydney Superannuation & Banking Ian Fryer Head of Research Chant West Chris Golden Deputy Chair European Capital Markets Inst.

Nikki Gwilliam-Beeharee Food & Hlth. Research Manager Vigeo Jonathan Hall Head of Financial Services Sales Aquila Heywood Steve Kenzie Executive Director United Nations Global Compact Eric Plunkett Owner Redbrucke SV Rangan Senior Executive AIG Professor of Law and Director, Labor and Paul Secunda Employment Law Program Marquette University Law School Eric Veldpaus Strategy Director Novarca Group Tomas Wijffels Policy Advisor Fed. of Dutch Pension Schemes. Frits Meerdink Manager, Fund Management PGGM Investments Chris Sier Director FiNexus Graham Wrightson Partner Stephenson Harwood LLP

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The Programme 9:00-9:15, Welcome & Introduction

Professor Amanda J. Broderick, BA (Hons) PhD DipM DipMRS PGCTL FRSA MBGS FCIM FHEA

Chief Executive Officer, Newcastle University London Amanda is Chief Executive Officer at Newcastle University London and has held Chairs in Marketing at multiple institutions in the UK and Visiting Chairs internationally. An eminent social scientist, she has a strong leadership track record and rare insight into a cross-section of strategic groupings of Universities. Before moving to Newcastle, she was Pro-Vice Chancellor (International Priorities) and Executive Dean of the College of Business & Law, University of Salford;

Principal of St. Cuthbert’s Society (A Durham University College) and Deputy Dean

of Durham Business School.

Amanda has a strong profile of forging successful collaborations within world-class

higher education and business, and a high-achievement track record in business change and innovation. Her award-winning leadership in multi-disciplinary pedagogical innovation, technology-enhanced learning and embedding global employability within the curriculum has been acknowledged internationally. She consults widely for business, commerce and public policy and is a representative on a variety of national and international bodies and committees. Policy influence is central to her roles on HEFCE Leadership, Governance & Management Committee; as Chair of the Chartered Association of Business Schools; NCUK and CIM Senate.

An award-winning researcher, her expertise lies in the fields of international business, marketing psychology and strategic communications with particular application to the digital and social business agendas. Her research has appeared in many leading business journals and she authors two seminal texts in her field. She has contributed to internationally-excellent/world-leading submissions in the last two UK Research Assessment Exercises with an internationally excellent/world-leading submission (3.5GPA citation) to the UK’s 2014 Research Excellence Framework. She has a multi-million pound track-record in research and enterprise funding from governmental (e.g. ESRC, HEFCE, UAE Ministry, Iraq Ministry), professional (e.g. CIM, IDM) & commercial (e.g. Capita Symonds, Proctor & Gamble, Sporting Index) sources.

She holds a profound commitment to developing graduates with sustainable, global leadership skills as evidenced from her development and direction of multiple successful management education programmes & award-winning teaching expertise. She believes in ‘practicing what she preaches’ and engages in rigorous research that delivers a transformative contribution to business and society. She led the 2014 Times Higher Education Business School of the Year.

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Married with three sons, she also has particular interests in dance, martial arts and eventing.

Professor Broderick will welcome delegates to the Newcastle University London Campus then Andy will provide a brief introduction to the Transparency Task Force and set the scene for what promises to be a highly engaging event!

Andy Agathangelou, Founding Chair, Transparency Task Force, Friends of Auto Enrolment, Friends of AMNT & Chair, Pensions BIB Andy has worked in financial services since 1986 and holds a leadership position in several industry organisations, all of which are characterised by the ethical business philosophy of “Enlightened Self Interest”, whereby individuals who act to further the interests of others (or the interests of the group or groups to which they belong), ultimately serve their own self-interest. Put simply Enlightened Self Interest is about the idea that “by doing good you will do well”. He is:-  Founding Chair of the Transparency Task Force. www.transparencytaskforce.org  Founding Chair, Friends of the Association of Member Nominated Trustees, created to provide a supportive community for MNT’s. www.amnt.org  Founding Chair at the Chartered Institute of Payroll Professionals’ Friends of Automatic Enrolment, created as a “collaboration catalyst”, to help drive up efficiency and interoperability within the Pensions Automatic Enrolment market. www.friendsofae.org  Chair of Pensions BIB, which created the Pensions and Payroll Data Interface Standard (PAPDIS), the free and open data standard for those implementing AE. PAPDIS is driving efficiency into the market and is receiving widespread support. www.papdis.org

9:15-9:45, Session 1

Dr. Anna Tilba, Lecturer in Strategy and Corporate Governance, Newcastle University Business School

Dr. Anna Tilba is a researcher and a Lecturer in Strategy and Corporate Governance

and a Director of Postgraduate Taught Programmes at the Newcastle University

Business School. She joined NUBS in 2012 from the University of Liverpool

Management School where she obtained her PhD in corporate governance and

where she was teaching Strategy both at undergraduate and postgraduate level.

Her research interests include pension fund investment, financial intermediation and networks, accountability, corporate governance and investor engagement. Anna has an emerging record of publications in top tier academic journals. She also reviews papers for such scholarly journals as Corporate Governance: An International Review, Organization Studies, European Management Review, Business History and her papers appear at various international conferences.

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Anna has been a member of the Advisory Committee on Fiduciary Duties of Investment Intermediaries for the Law Commission. The Consultation Paper on Fiduciary Duties is commissioned by the Department for Business, Innovation and Skills (BIS) and the Department for Work and Pensions (DWP) and arises from the Kay Review of UK Equity Markets and Long-Term Decision-Making.

As well as being a member of the Transparency Task Force’s Transaction Costs & Charges, Rationale for Decision-Making and International Best Practice Teams, she became an Ambassador in January 2016. and

Professor Michelle Baddeley, Professor of Economics and Finance at UCL Michelle Baddeley is Professor in Economics and Finance at the Bartlett Faculty of the Built Environment, University College London (UCL), and before that was Director of Studies in Economics, Gonville & Caius College/Faculty of Economics, University of Cambridge. She has a BA (Psychology) and BEcon (Hons 1) from University of Queensland, and an MPhil/PhD (Economics) from University of Cambridge. She was a member of UCL’s Green Economy Policy Commission, and is an Associate Researcher with the Energy Policy Research Group, Judge Business School, University of Cambridge. She has an active interest in public policy and is a member of the Hazardous Substances Advisory Committee (convened by the Department for Environment, Food and Rural Affairs), and an Associate Fellow with the Centre for Science and Policy (CSaP), based at the University of Cambridge. She was a member of the Blackett Review Expert Panel: FinTech Futures 2014-15, led by Professor Sir Mark Walport, UK Government Chief Scientific Adviser. She is on the editorial boards for the Journal of Cybersecurity and the Journal of Economic Psychology. She is also on the advisory board of the Society for the Advancement of Behavioral Economics (SABE).

Dr. Tilba and Professor Baddeley will be revealing the key findings of their research into the true cost and value of pension schemes Brrace for some impactful insight as their robust research is based on concern pensions data that goes back ten years and would seem to indicate that:-  Financial intermediaries have little incentive to keep costs low  There is cause for around complexity and information asymmetries  The lack cost transparency may lead to questionable behaviour  Cognitive constraints lead to sub-optimal outcomes  There are conflict of interest issues  There are moral hazard issues This research has significant relevance to the recent Consultation on Pensions Charges and the Government’s response to the Law Commission’s consultation on the Fiduciary Duties of Investment Intermediaries. It is also relevant to the Financial Conduct Authority’s Asset Management Market Study.

If you’re in any way involved with workplace pensions and/or institutional investment management you really don’t want to miss this!

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9:45-10:10, Session 2 Daniel Godfrey, Non-Executive Director, Big Issue Invest Fund Management Meaningful transparency - its potential and limitations. Daniel Godfrey has worked in financial services for nearly 35 years. He has experience of insurance, pensions and asset management but asset management is where the bulk of his experience and his passion lies. He has a sales, marketing, communications and strategy background, but for most of the last twenty years he has held CEO roles at two trade associations. Firstly as Director General of the Association of Investment Companies where he led the development of corporate governance for directors and a nationwide TV advertising campaign. He also steered these listed, closed-ended investment companies through a life- threatening crisis following the collapse of dozens of split capita investment trusts that had been promoted to low risk investors as “quasi-gilts”.

For the last three years, he was CEO of the Investment Association the trade body for the UK’s £5.5 trillion investment management sector. At the Investment Association, he led a programme of industry self-improvement designed to “make investment better” so as to put the industry beyond reproach so as to secure optimised regulatory settlements, consumer outcomes and commercial success for members. This encompassed better transparency, improvements to stewardship and proposals to improve operational standards in a number of areas. He left the Investment Association in October and is currently a Non-Executive Director of Big Issue Invest Fund Management, the Investor Forum and the Ethical Capitalism Group. 10:10-10:35, Break 10:35-11:00, Session 3 Will Goodhart, Chief Executive at CFA Society of the UK Transparency - not just output, but process and purpose too Transparency is valuable because it contributes to the establishment of trust which can improve consumer outcomes. To date, the focus has been on costs and performance, but the investment profession and its stakeholders would also benefit from an improved understanding of the purpose of investment and from the processes employed on their behalf.

Will Goodhart was appointed chief executive of the CFA Society of the UK in December 2006. He joined the society from Euromoney Institutional Investor plc where he was a divisional director with responsibility for specialist financial brands. Since joining CFA UK, Will has overseen the significant development of the society’s work on ethics and advocacy and a doubling in the size of its membership. CFA UK is now the largest CFA Institute member society and is working with its volunteers and other members to build a better investment profession. In addition to his role at CFA UK, Will was a trustee of the Social Impact Analysts Association between 2013 and 2015.

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11:00-11:25, Session 4

Pete Glancy, Head of Industry Development, Scottish Widows A provider’s perspective Pete will share his candid thoughts on:-  Why transparency is vital for the market to work effectively for consumers  Why transparency is good from both a commercial and a customer-centric perspective  The real-world impact of recent advances such as Hard Disclosure and The Retail Distribution Review  The work still to be done on some of the remaining issues such as the regulatory gap and Fund Charge Transparency

Pete has been with Scottish Widows for 25 years, where he has held senior positions in most areas of the business. Most recently Pete spent 5 years as Head of Individual Pensions before spending a further 5 years as Head of Corporate Pensions. Pete is currently Head of Industry Development, where Peter has the pensions policy brief and also workplace savings more broadly. 11:25-11:50, Session 5 Catherine Howarth, Chief Executive at Share Action Transparency in a DC pensions world: the role of the beneficiary in driving scheme performance, conflicts management and long-term stewardship of assets. Catherine will explain ShareAction’s recent work: ‘Realigning Interests; Reducing Regulation: A vision for reforming UK workplace pensions’ which has made recommendations for reforms with a strong emphasis on the power of transparency to improve outcomes for UK savers. She will also comment on some of the schemes where ShareAction are supporting members to push for great transparency and improve risk management.

Catherine Howarth has led ShareAction since July 2008. ShareAction is the leading civil society organisation in Europe promoting Responsible Investment, transparency and good governance by institutional investors. Catherine is also a board member of the Scott Trust, owner of the Guardian Media Group, and a board member of Green Alliance, the UK’s leading environmental think-tank. She serves on the Investment Committee of the Trust for London, an endowed philanthropic foundation tackling poverty and inequality in London. She was a Member Nominated Trustee of The Pensions Trust (the multi-employer pension scheme for the UK's not-for-profit sector) for five years until Spring 2013, where she served on the Investment Committee of this £7bn fund. Catherine holds a First Class BA in Modern History from Oxford University and an MSc in Industrial Relations from the London School of Economics. In June 2011 Catherine was named a 'Rising Star of Corporate Governance' by Yale University's, Millstein Center. In 2013, Pensions Insight featured her as one of the 50 most influential people in pensions and in May 2011 Investment and Pensions Europe called her

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one of the 'top ten women in pensions'. Catherine was recognised by the World Economic Forum as a Young Global Leader in 2014.

11:50-12:15, Session 6

Mary Starks, Director of Competition, Financial Conduct Authority

About the FCA’s Asset Management Market Study There are around £6.6 trillion of assets under management in the UK, including around £2.1 trillion of pension fund investments, £1.2 trillion in retail investment products and £0.4 trillion in public sector and charity investments. There is a further £1 trillion investment in insurance products and £1 trillion invested in non- mainstream asset management products – both of which include pension fund investments. Asset managers provide a vital economic function in bringing together those with money to invest (with the aim of achieving growth or future income) and companies and governments who need capital for investment, expansion or funding their ongoing operations. Given the significant size of the asset management sector, and the direct impact it has upon consumers either directly through their retail investments or through their pension funds, or indirectly through insurance premiums, it is essential that competition works effectively for these services. The Financial Conduct Authority announced their intention to undertake a market study into asset management in the 2015/16 business plan3, following feedback received as part of the wholesale sector competition review, which raised a number of questions about the asset management value chain. These included:- Whether investors find it difficult to monitor asset managers and ensure they are getting value for money  The role of investment consultants and whether potential conflicts of interest arise from the provision of both advice and asset management services

 Whether asset managers have the incentive and ability to effectively control costs incurred on behalf of investors along the asset management value chain

Whilst these questions arose from the wholesale sector competition review, a number of them are relevant to retail investors as well. The aim of the study will be to understand whether competition is working effectively to enable both institutional and retail investors to get value for money when purchasing asset management services.

Mary Starks is Director of Competition, sharing the job with Deb Jones. Previously Mary was a Senior Director at the OFT, where she had worked since 2008. Among other things Mary was responsible for the OFT’s financial services work, and its change programme. She is an economist by background, and has previously worked at the New Zealand Commerce Commission, NERA Economic Consulting and the Bank of England.

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12:15 – 13:15, Networking & Lunch

13:15-13:40, Session 7

Tomas Wijffels Policy Advisor, Federation of Dutch Pension Schemes Tomas Wijffels (1971) was trained to become an architect. After working for eight years as cultural heritage consultant, he became involved in pensions. In 2005- 2007 he was member of the board of trustees of a medium sized company pension fund (AuM 2 bln). In 2008 he started working for the Federation of the Dutch pension funds. He was from the beginning involved in the project of transparency of administrative costs. Other field of interest is pension communication. Tomas is currently board member of the Pensioenregister, a tracking service for all workplace pensions. There have been tremendous pro-transparency developments in Holland in recent years, as reported by Tomas at our October 2015 Transparency Symposium. The position there is evolving and improving all the time and this session by Tomas and Frits will provide an insight into the very latest version of the Dutch recommendations and elaborate on the definitions now being used to determine pension management costs, asset management costs and transaction costs. and Frits Meerdink Manager Fund Management, PGGM Investments Frits Meerdink started his career at EY as an auditor in the fields of Asset Management, Insurance and Pensions. In 2009 he joined the PGGM Accounting, Reporting and Control department and served both as manager Accounting and as manager Control. In these roles he held responsibility for external reporting and regulatory reporting for Pension Fund clients and PGGM Investment Funds. He has contributed in setting up industry wide standards on cost reporting for Dutch Pension Funds. Currently he is manager in the Product & Fund Management department, with a focus on pricing of Asset Management products and supporting the Investment Management Board on PGGM Investment Funds matters.

13:40-14:30, Session 8

Update from the Transparency Task Force Teams. Delegates will hear from leaders and members of each of the six Transparency Task Force Teams who will outline thoughts on their team’s purpose, priorities and plans. The six Transparency Task Force Teams are:-  Data  Transaction Costs & Charges

 Rationale for Decision-Making

 Stewardship

 Terms & Conditions

 International Best Practice

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Data Chris Connelly, Principal Consultant at Aquila Heywood and a member of the TTF Data Team Chris’ varied role at Aquila Heywood sees him working in sales & marketing and product design. Chris’ 20 years in life & pensions administration, system support, software design and product management has seen him work in senior roles across the market spectrum at leading firms such as NatWest, Aon Hewitt, Equiniti and Fidelity. Through these firms, Chris has gained a great breadth of experience with in-house pensions administration, third party administration, financial services providers, local authorities and central government schemes. Chris’ current activities include system and process design for pan-European arrangements and other multi-jurisdictional challenges, thereby extending Aquila Heywood’s reach and experience in mainland Europe. Chris is a regular contributor to the pensions press and has worked on a number of industry initiatives including the straight-through processing of investment transactions (ISO20022) and the Pension Regulator’s data quality and record keeping guidelines. Chris is also an ambassador for The Children’s Trust, the UK’s leading charity for children with brain injury.

Transaction Costs & Charges

Ralph Frank, CEO at Charlton Frank and a Leader of the TTF Transaction Costs & Charges Team Ralph has spent over two decades working with institutions and individuals to help solve their financial, investment and risk management challenges. Ralph founded Charlton Frank in 2012, having previously been Head of Solutions at Cardano Risk Management since 2007. He was part of the team that set up Cardano’s London branch, to focus on helping pension funds manage their solvency position, and he managed the business day-to-day. His role as Head of Solutions covered the design and implementation of the framework within which clients’ needs were assessed, objectives and risk budgets agreed and investment strategies, including risk management, tailored to meet these specific requirements. Prior to Cardano, Ralph had been European Director of Consulting at Mercer Investment Consulting. He was responsible for setting the direction of Mercer’s strategic advice to institutional clients in this role. Ralph arrived in the UK from South Africa in 2002. He had been the Senior Director in charge of Alexander

Forbes Asset Consultants, South Africa’s largest institutional investment adviser

before emigrating. He was responsible for both the content and management of

the business in this role.

Ralph is a Fellow of the Institute and Faculty of Actuaries. He graduated as a Bachelor of Economic Science from the University of the Witwatersrand.

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Rationale for Decision-Making Henrik Pedersen, Managing Partner, Co-Founder at CLERUS LLP

and a Leader of the TTF Rationale for Decision- Making Team Henrik has 30 years of investment management and advisory experience. In 2014 he co-founded CLERUS to help pension schemes and other asset owners improve investment decisions, governance and value-for-money via informed, independent and objective investment analysis. From 2008-2013 he was Chief Investment Officer of Pareto Partners (a BNY Mellon asset management boutique) where he built a successful multi-asset, multi-strategy investment track-record for delivering absolute return to institutional investors. Prior to this he served as head of product development and quantitative investment models at Overlay Asset Management (a BNP Paribas Investment Partner) where he led a successful re-launch of the firm’s alternative investment capabilities which led to buy-rating from investment consultants and significant growth in AUM. From 2000 to 2005 Henrik was Director of Citigroup’s Risk Advisory Group where he developed quantitative investment models and advised institutional investors on managing risks derived from international investment portfolios. Henrik’s detailed market and investor knowledge is drawn from his tenure in FX Sales and Marketing with Citibank and JPMorgan Chase, where he focused on providing value-added investment services to clients and which culminated in his role as Head of Emerging Markets Sales. Henrik started his career in financial markets with A.P. Moller Group in 1985, managing the group’s substantial financial market exposures. He holds an Executive MBA with distinction from CASS Business School, London and a B.Com degree in Financial and Management Accounting from Copenhagen Business School.

Stewardship Sarah Wilson, Chief Executive at Manifest and a Leader of the TTF Stewardship Team The name of the organisation Sarah leads means “To Make Things Clear”.

Manifest believes sustainable corporate governance is a key component of value creation for investors and companies alike. In the pursuit of long-term returns, there is an increasing need for high-quality ESG data and information to support stewardship and investment decisions.

Understanding how companies embed governance and sustainability practices into their organisation enables investors to take an informed approach to their stewardship responsibilities.

Terms & Conditions Judith Donnelly, Partner at Squire Patton Boggs and a Leader of the TTF Terms & Conditions Team Judith Donnelly is a partner in the pensions and institutional investor team at law firm Squire Patton Boggs. The team represents over 400 pension funds in the UK alone, as well as numerous US pension funds and family offices and international sovereign wealth funds.

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Its clients range from small pension schemes with under £20 million in assets to large sovereign funds with assets in the hundreds of billions, giving the team a unique perspective on the global investment market and the issues facing investors of all types and sizes.

International Best Practice Steve Kenzie, Executive Director at UN Global Compact Network UK and a member of the TTF International Best Practice Team Steve has managed the Secretariat of the UN Global Compact Network UK since 2008, providing support for UK-based endorsers of the UN’s corporate sustainability framework.

He was previously a Programme Director at the International Business Leaders Forum (IBLF) leading projects across a wide range of responsible business issue areas. Prior to joining IBLF, Steve was the founder and Managing Director of a successful retail sports equipment business in Canada.

He has a B.Comm from the University of British Columbia and an MSc in Business & Environment from Imperial College London. 14:30-14:55, Session 9 Tranquility Time! Delegates will have a valuable opportunity to quietly and creatively contemplate the work of each of the six TTF teams and feed in ideas that may help the teams meet their objectives. Remembering that our overall objective is to encourage higher levels of transparency in financial services, right around the world, what do you think we should do to realise our ambitions? Is there a TTF Team that you naturally align with – new members wanted! 14:55 – 15:20, Break 15:20-15:45, Session 10 Guy Sears, Chief Executive at the Investment Association ‘Simple truth miscall’d simplicity’ Guy Sears is the interim CEO of The Investment Association, the trade association of the UK’s £5.5 trillion investment management industry. He previously led the IA’s policy teams which cover the regulation of funds and managers, and most of their engagement in the retail and institutional markets and on the capital markets. Guy Sears is the interim CEO of The Investment Association, the trade association of the UK’s £5.5 trillion investment management industry. He previously led the IA’s policy teams which cover the regulation of funds and managers, and most of their engagement in the retail and institutional markets and on the capital markets. Mr Sears is also Chair of the UK’s Joint Money Laundering Steering Group and a member of the LIBOR Oversight Committee.

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[Prior to joining The Investment Association, he served as Deputy Chief Executive of APCIMS; and was on the Board of a credit union; and served as an Executive Director of a commodity derivative market maker on the London Metal Exchange; as Consultant to the Jersey Financial Services Commission; as Head of Market Conduct and Market Infrastructure at the UK’s FSA; and as Solicitor on the Record for the Securities and Investments Board.

15:45-16:30, Session 11 The Transparency Trophy The Transparency Trophy is all about giving individuals and organisations that are highly supportive of the idea that there ought to be greater transparency in financial services a chance to raise awareness of their position on the matter. They might be:-  A good example of how to operate in a transparent manner  Busy campaigning for greater transparency  Heavily involved with the work of the Transparency Task Force  Helping to lead the way, in some way  Super-keen to showcase their transparency credentials Organisations that align with our overall objective of encouraging the financial services market to be more transparent are most welcome to participate.

A Transparency Trophy will be awarded at each of our 5 Transparency Symposiums being held in 2016 - who'll be picking up the very first one?

16:30-16:55, Session 12

So, what does the media make of all this? Paul Lewis, Freelance Journalist and Presenter of Money Box Paul attended the University of Stirling and graduated in Psychology in the 1970s. He is best known for being presenter of Money Box and Money Box Live on BBC Radio 4, Your Money on BBC World Service and he previously worked on the BBC Radio 5 Wake Up to Money radio show. Paul has won numerous awards for his financial and broadcast journalism, receiving his first award in 1986. He was given a lifetime achievement award by the Association of British Insurers in 2006, and named Best Broadcast Journalist by the Association of Investment Companies in 2011. He has won the Headline Money Awards Broadcast Journalist of the year five times; most recently in 2013.

Daniel Brooksbank, Editor at Responsible Investor Daniel was News Editor at Investment & Pensions Europe (IPE) 2002-2007. Formerly he was Multimedia Editor, Europe for Bloomberg News and Economics Editor at IDEAglobal.com. He was the moderator of the European Parliamentary Pension Forum and has appeared on CNBC and the BBC. He started his career at

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Reuters, initially in investor communications before moving on to edit its online staff newsletter.

Henry Tapper, Publisher, the Pension Playpen Henry Tapper is a Director of First Actuarial, Founder of Pension PlayPen and the Pension Plowman on social media. With an English Degree he could have done better.

Jonathan Stapleton, Editor-in-Chief, Professional Pensions Jonathan is Editor-in-Chief of Professional Pensions. He has over 16 years' experience in journalism, beginning his career writing about capital markets in Russia and East/Central Europe before he started to write about UK occupational pensions and benefits in 2001.

Jonathan has won a number of awards throughout his career – most recently the Society of Pension Professionals’ Journalist of the Year Award 2014 and the Investment Association’s Trade Journalist of the Year Award 2015 – and is holder of the PMI's Retirement Provision Certificate. He has a degree in economics from the University of London.

During this session we’ll be hearing the candid views of leading media professionals that have a great interest in the institutional investment and workplace pensions markets.

 What are their reflections on what’s been discussed at the conference?  Do they think our pro-transparency community can have an impact?  What would their readership think of our efforts to bring about change?

16:55-17:00, Wrap up & Close

Close to the formal proceedings of the Transparency Symposium, but that doesn't mean it's over... 17:00 onwards!

Refreshments & networking at a nearby hostelry- cash bar, so we hope you’ve brought some spending money!

The programme and/or speakers are subject to change without prior notification, timings are approximate.

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Delegate List

Delegate Transparency Statement About

Dr Alex Adamou, “ I believe there ought to be Alex Adamou is an applied mathematician and Fellow of the London Fellow, London higher levels of transparency in Mathematical Laboratory (LML). His current work examines the mathematical Mathematical financial services because foundations of mainstream economics. Previously he was in charge of Laboratory financial markets are social mathematical modelling for a technology start-up providing online valuations constructs and financial services of cargo ships. He has also been a professional gambler. His academic are a public good”. background is in fluid and solid mechanics.

LML is an institute for basic science in which researchers are free to follow their curiosity. It employs resident and external fellows, hosts visitors and public events, and is governed by a board of trustees. www.lml.org.uk

Angie Kirkwood, “I believe there ought to be Angie has worked for Scottish Widows for 29 years, currently in the Corporate Senior Manager - higher levels of transparency in Pensions Team. Scottish Widows and our heritage brands, Clerical Medical Industry financial services because that is and Halifax Life, manage pensions for over 2.4 million customers in workplace Development, the only way we are going to gain savings schemes and individual pension plans, primarily through contract- Scottish Widows trust of our customers and allow based arrangements. us to simplify the way we talk to www.scottishwidows.co.uk and engage those customers in making the decisions which will give them the best outcomes in their financial planning”.

Barry Parr, “I believe there ought to be Barry is the founding Co-Chair of the Association of Member Nominated Co-chair, AMNT and higher levels of transparency in Trustees (AMNT) which now has over 500 members from 400 pension Trustee Director of financial services because schemes with assets in excess of £600bn. The AMNT provides training, The Pensions Trust ultimately sustainable and network support and a voice for MNTs of trust based, contract and public successful business is about sector occupational pension schemes. Barry is also a Trustee Director of The having trust between transacting Pensions Trust - a £7bn mastertrust serving over 2000 employers and 250,000 parties and without transparency members from the 3rd sector and a Trustee of the Colt pension scheme. He is there can be no trust”. a non-executive Director of the crowdsourcing business CrowdBank. www.amnt.org

Bill Trythall, Director, "I believe there ought to be Bill Trythall was a university teacher for 40 years and for much of that time - Association of higher levels of transparency in served as a union-appointed director of the trustee company of the Member Nominated financial services because it is Universities Superannuation Scheme, of which he is now Pensioner Trustees Ltd hard enough for pension schemes Director. He has been active over the last three years in the Association of to judge value for money without Member Nominated Trustees and has been significantly involved in the their being kept in the dark as to development under Janice Turner's leadership of AMNT's Red Line Voting what they are paying for initiative. services". www.amnt.org.

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Bob Campion, “I believe there ought to be We are fiduciary managers, helping workplace pension schemes to meet their Head of Institutional higher levels of transparency in liabilities through bespoke investment management services. We help clients Business, financial services because while to understand and manage their risks, build bespoke long-term investment Charles Stanley there have been some plans, put in place and manage tailored investment strategies and monitor improvements, much more needs progress with easy-to-follow updates and reports. We also help trustees to to be done to allow clients to fully manage their investment costs through our extensive research into passive understand the services they are funds across all asset classes. buying and the costs they are www.charles-stanley.co.uk incurring”.

Bob Cast, J.P. Morgan Asset Management is the brand name of the global group of asset Executive Director, management companies belonging to JPMorgan Chase & Co. UK Institutional, JP Morgan Asset We are the chosen investment partner to corporations, governments, Management foundations and individuals globally. We manage money for many of the world’s leading banks, insurance companies, asset managers and advisory firms, providing investment insights which allow them to thrive in today’s fast moving markets.

We are committed to delivering excellence in investment performance, the broadest range of products, and the highest quality of client service and global coverage. www.jpmorgan.com

Chris Connelly, “I believe there ought to be Aquila is part of Aquila Heywood, the specialist supplier of life & pensions Principal Consultant, higher levels of transparency in administration software, supporting services and data quality solutions. Our Aquila Heywood financial services because we look systems are used internationally to administer the benefits of over ten million after other people’s money and people, across 200 organisations. therefore their futures. It’s as simple as that”. We are unique in covering public and private sectors, as well as third-party administrators and financial services organisations: a testament to our highly- skilled staff and the scalable, rich flexibility of our software solutions. The UK market leader, Aquila Heywood’s systems are available throughout Europe. www.aquilauk.co.uk

Chris Hewett, “I believe there ought to be Chris heads the advocacy and policy work for the Finance innovation Lab, Head of Advocate higher levels of transparency in which is a charity dedicated to helping change the finance system into one Programme, financial services because it is the that is democratic, responsible and fair. We do this be working with Finance Innovation right of savers to know how their innovators, civil society groups and finance professionals on encouraging new Lab money is being invested and business models in finance, advocating for changes in policy and reshaping managed by those professionals existing finance businesses to serve the needs of people, businesses and the with whom it has been entrusted. environment. The current market structure www.financeinnovationlab.org does not deliver this right, opening up opportunities for misallocation of capital against the interests of the savers”.

Christopher Traulsen, Director of Fund Research, EMEA, Morningstar

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Colin Meech, “I believe there ought to be Colin has worked for UNISON since 1992 he is the union’s lead on pension National Officer, higher levels of transparency in funds and responsible investing. UNISON - Capital financial services because Pension www.unison.org.uk Stewardship scheme members should know Programme how much it costs to be a member of their scheme. The full cost, including all transactions, for the administration and investment of their money”.

Con Keating, Why did I get involved with the Transparency Taskforce? Head of Research, It was to understand where, when and how transparency works; indeed, what BrightonRock Group the limits to transparency are. In the UK, increased transparency requirements have not increased levels of trust in the public institutions, businesses and office holders. Public mistrust, apathy and ignorance persist. Is the remedy more of the same, or should we note Einstein’s definition of insanity: doing the same thing over, and over again and expecting different results? It is obvious that transparency may fail when the information circulated fails to conform to adequate standards. Transparency can only deliver when the material disclosed is intelligible, relevant, accurate and honest, and these attributes cannot simply be assumed. Vigilance is also needed over the potential abuses of transparency, such as disclosures designed to transfer or avoid liability. Much needs doing – much more widely than just pensions. David Farrar, “I believe there ought to be Department for Work and Pensions is the lead central government Policy Adviser, higher levels of transparency in department for policy and legislation on occupational pension schemes. I The Department for financial services because – if work in Better Workplace Pensions, improving outcomes for members of DC Work and Pensions nothing else – DWP has a legal schemes in the accumulation phase. My current main areas of focus are on duty to make regulations charges and transaction costs, but also have an interest in investment requiring cost information to be governance and disclosure. given to members, and costs and www.gov.uk/government/organisations/department-for-work-pensions charges to be published.”

David Rich, “I believe there ought to be David is Chief Executive of Accurate Data Services, a specialist data quality and Chief Executive, higher levels of transparency in positive people tracing business. ADS traces lost members, clients and policy Accurate Data financial services because I am holders for a variety of organisations including Life and Pensions funds, Banks Services Ltd passionate about positive and Asset Managers The goal is to help our clients reunite their customers / consumer outcomes and firmly members with their lost assets and deliver positive consumer outcomes. believe that transparency is a vital David is the Head of Data Quality on the National Steering Committee of element of what is required to Friends of Auto Enrolment, a member of the TISA Data Quality Executive achieve this”. Committee and a member of Transparency Task Force’s Data Team. www.accuratedata.co.uk

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David Weeks, “I believe there ought to be David Weeks is a member of the executive committee of the UK pension Committee Member, higher levels of transparency in industry’s Association of Member Nominated Trustees (AMNT). AMNT Association of financial services because I think members represent around 400 pension schemes, with about £600 billion of Member Nominated that it is important for members assets under management. He is a director of the occupational pension Trustees (AMNT) of pension schemes to have a scheme of a leading PLC operating in the infrastructure sector. He is a clear picture of the levels of costs member of the Transparency Taskforce’s Stewardship Team. and charges that their scheme www.amnt.org incurs”.

Elias Westerdahl, “I believe there ought to be The Centre for Synchronous Leadership (CSL) is a pioneering leadership Sustainable Business higher levels of transparency in consultancy and think tank based in London. CSL was established to facilitate Analyst, financial services because the the evolution of corporate sector through innovative approaches to Ctr. for Synchronous disclosure of more information leadership development, and has a niche practice in supporting agents of Leadership will help ensure greater systemic change. accountability of institutions to www.synchronousleadership.com their stakeholders”.

Elizabeth Saint, “I believe there ought to be Beth is responsible for the London-based PR team, Corporate and Internal Head of Comms, higher levels of transparency in Communications. Beth joined Schroders in 2008 having previously worked at Schroders financial services because in an Aviva Investors for four years. She has more than 16 years’ experience. industry where we offer www.schroders.com customers intangible products and services, their trust is an essential and invaluable asset. Transparency is a key ingredient to building and maintaining this trust”.

Elliott Silk, “I believe there ought to be Our UK wealth management and employee benefits businesses are part of Head of EB, Sanlam higher levels of transparency in Sanlam Limited, the long term AA- rated international financial services group Wealth Planning financial services because as both which has been advising clients around the world for nearly 100 years. Valued a manufacturer and distributor of in excess of £7 billion, employing over 15,000 individuals worldwide and products as a result of being an managing in excess of £50 billion in client assets, the Sanlam Group is an insurance company as well as organisation with a growing global presence. I head up the employee benefits having advisers, a lack of division and we provide companies with advice on pensions, auto-enrolment, transparency causes us a vast healthcare and other forms of employee benefits. amount of additional work”. www.sanlam.co.uk

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Eric Plunkett, “I believe there ought to be With almost 30 years’ experience in pensions, Eric founded, Redbrucke, a Owner, Redbrucke higher levels of transparency in software firm, in 2001. Redbrucke is a leading provider of actuarial and financial services because it pensions administrative systems in Ireland. The firm has also provided imperative for all stakeholders consultancy services in Ireland, the UK and Malta. that the highest levels of confidence can be reached by Eric is completing a PhD in Pensions Governance at University College Dublin. consumers that their investments His education also includes Trinity College and University College, Dublin, the are being managed clearly and Irish College Louvain, Belgium and Harvard Business School, USA. He holds openly on their behalf”. affiliate membership of the Society of Actuaries in Ireland. Eric is a member International Best Practice team for the Transparency Task Force. www.redbrucke.co.uk

Estelle Bibby, “I believe there ought to be Estelle is responsible for Schroders’ UK Media Relations, focusing on national, Senior PR Manager - higher levels of transparency in broadcast and trade journalism. She joined Schroders in 2006 having Institutional, financial services because we no previously held senior roles at insurance group Primary, JBA Public Relations Schroders longer live in world where we and Direct Line Insurance. have defined audiences. Today www.schroders.com we need to assume everyone has the same level of information and knowledge, therefore providing clear, transparent communication is vital to everything we do”.

Frits Meerdink, “I believe there ought to be Frits Meerdink started his career at EY as an auditor in the fields of Asset Manager Fund higher levels of transparency in Management, Insurance and Pensions. In 2009 he joined the PGGM Management, financial services because it is key Accounting, Reporting and Control department and served both as manager PGGM Investments to our fiduciary duty; for clients Accounting and as manager Control. In these roles he held responsibility for and prospects to make informed external reporting and regulatory reporting for Pension Fund clients and decisions, to be accountable as PGGM Investment Funds. He has contributed in setting up industry wide firm and to help improve trust in standards on cost reporting for Dutch Pension Funds. Currently he is manager the sector”. in the Product & Fund Management department, with a focus on pricing of Asset Management products and supporting the Investment Management Board on PGGM Investment Funds matters. www.pggm.nl/english

Gail Le Coz, Director of Compliance – Regulatory Development, M&G

George Latham, “I believe there ought to be George is Managing Partner of WHEB Asset Management LLP, a specialist Managing Partner higher levels of transparency in investment management business whose mission is to achieve investment and CIO, financial services because performance through Impact. We invest in companies providing solutions to WHEB Listed Equity transparency is a crucial tool to sustainability challenges, because these markets have superior and resilient help rebuild trust, and we believe long-term growth. We identify higher quality companies by considering their that businesses which operate in environmental, social and governance performance, and transparency is a a transparent way with their crucial component of this analysis. As a partnership we seek to align our own stakeholders will develop business model with our investment strategy, and see transparency as a stronger business relationships critical tool in building committed and successful long-term client and ultimately will be more relationships.” successful in the long term”. www.whebgroup.com

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Geraldine Wright, “I believe there ought to be Smith & Williamson is a leading specialist charity and private client investment Partner, higher levels of transparency in management businesses in the UK. The Charities team manages nearly Smith & Williamson financial services because recent £1.4bn of charity assets, which is 9% of the firm’s total managed assets of Investment Mgt. LLP experience illustrates what can £15bn. We offer a personalised service with individually tailored portfolios happen when people lose trust in and benchmarks, and work closely with our clients in setting investment the financial sector, with strategies that reflect the specific income and capital requirements of a numerous examples of miss- charity, and offer an in-depth screening process in respect of ethical selling and dishonest investment. In an environment where some investment management houses behaviour. For the markets to no longer offer either investment advice or a service to retail clients, we do operate smoothly and avoid offer these specific services. future breakdown, there needs to www.smith.williamson.co.uk be a wholesale reappraisal of behaviour towards consumers so as to protect both the outcomes for the individual and the profitable development of the financial industry as a whole”.

Henrik Pedersen, “I believe there ought to be Henrik has 30 years of investment management and advisory experience. In Managing Partner, higher levels of transparency in 2014 he co-founded CLERUS to help pension schemes and other asset owners Co-Founder, financial services because it will improve investment decisions, governance and value-for-money via informed, CLERUS LLP be good for everyone. Consumers independent and objective investment analysis. From 2008-2013 he was Chief will be able to compare and Investment Officer of Pareto Partners (a BNY Mellon asset management demand better value for money boutique) where he built a successful multi-asset, multi-strategy investment and the financial services industry track-record for delivering absolute return to institutional investors. Prior to itself will benefit from becoming this he served as head of product development and quantitative investment more competitive, lean and models at Overlay Asset Management (a BNP Paribas Investment Partner) effective”. where he led a successful re-launch of the firm’s alternative investment capabilities which led to buy-rating from investment consultants and significant growth in AUM. From 2000 to 2005 Henrik was Director of Citigroup’s Risk Advisory Group where he developed quantitative investment models and advised institutional investors on managing risks derived from international investment portfolios. Henrik’s detailed market and investor knowledge is drawn from his tenure in FX Sales and Marketing with Citibank and JPMorgan Chase, where he focused on providing value-added investment services to clients and which culminated in his role as Head of Emerging Markets Sales. Henrik started his career in financial markets with A.P. Moller Group in 1985, managing the group’s substantial financial market exposures. He holds an Executive MBA with distinction from CASS Business School, London and a B.Com degree in Financial and Management Accounting from Copenhagen Business School. www.clerus.co.uk

Iain McAra, “I believe there ought to be CFA Institute is the global association of investment professionals that sets Director, Global higher levels of transparency in the standard for professional excellence and credentials. The organization is a Investment financial services because champion for ethical behaviour in investment markets and a respected source Performance transparency helps to build trust of knowledge in the global financial community. CFA Institute has more than Standards, and without trust financial 134,000 members in 148 countries and territories, including more than CFA Institute services will wither”. 128,000 Chartered Financial Analyst® charterholders, and 148 member societies. www.gipsstandards.org www.cfainstitute.org

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Imran Razvi, “I believe there ought to be The Investment Association represents the asset management industry Public Policy Advisor, higher levels of transparency in operating in the UK. Our members include independent fund managers, the The Investment financial services because it will investment arms of retail banks, life insurers and investment banks, and the Association result in high levels of consumer in-house managers of occupational pension schemes. They are responsible for confidence in financial services the management of around £5.5 trillion of assets around the world, helping products and this will be good for clients to achieve their financial goals. Our aim is to make investment better. consumers of those products and Better for clients, so they achieve their financial goals. Better for companies, the companies that provide so they get the capital they need to grow. And better for the economy, so that them”. everyone prospers. Imran is Public Policy Adviser at The Investment Association, working primarily on pensions and long-term savings policy but also other elements of public policy and regulation pertaining to the asset management sector, with a particular focus on the institutional investment market. Prior to The Investment Association, Imran worked as an Economic Adviser and Senior Policymaker in the Department for Work and Pensions, with the majority of that time spent working on various aspects of the Department’s post-Turner Commission pension’s reform agenda. www.theinvestmentassociation.org

Iuliia Shpak, “I believe there ought to be Iuliia Shpak is a PhD Candidate in Financial Economics. In her research she PhD Candidate, higher levels of transparency in focuses on asset pricing dynamics, the implications of excessive speculation in Financial Economics/ financial services because financial markets, asset price bubbles and other anomalies. She has studied Asset Pricing, Transparency is critical for and researched extensively price formation mechanisms and speculative University of East investor confidence and trust in bubbles in commodity markets and stock markets of the UK, Canada, London financial markets”. Australia, Russia, China, Saudi Arabia South Africa – across all sectors/main indices. Iuliia has a profound interest in the pension funds area. In December 2015 Iuliia presented her latest research paper at the “5th Annual World Pensions and Investments Summit” in Paris, organized on the side-lines of the COP 21. www.uel.ac.uk

Jackie Beard, “I believe there ought to be Morningstar provides independent research in North America, Europe and Director of Manager higher levels of transparency in Australasia. We offer products and services for individual investors, financial Research Services, financial services better because advisors, asset managers, and retirement plan providers and sponsors. EMEA, informed investors make better Morningstar provides data on over 500,000 investment offerings, and real- Morningstar investing decisions and are more time global market data on over 17 million offerings. likely to reach their financial Jackie leads Morningstar’s engagement with due diligence teams of goals”. institutional investors who draw on our support in evaluating active and passive funds, investment strategies and asset managers. She led the launch of Morningstar’s qualitative research and ratings on investment trusts and has pioneered greater transparency on their holdings, authoring the paper “Investment Trusts: Why Transparency Matters”. www.morningstar.com

James Redgrave, “I believe there ought to be James Redgrave is director of European retirement for Asset International, a Director of European higher levels of transparency in provider of research, data and market intelligence to the financial services Retirement, financial services better informed industry. He has previously been European and UK editor of PLANSONSOR Asset International investors make better investing magazine at Asset International, and news & online the Financial Times’ decisions and are more likely to Pensions Week newspaper. I believe there ought to be higher levels of reach their financial goals”. transparency in financial services because it is essential to improving investors’ and savers’ financial literacy, leading them to make better decisions and driving down the cost of financial products.

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James Wilcox, Policy The Pensions Regulator is the UK regulator of work-based pension schemes. Lead, The Pensions We work with trustees, employers, pension specialists and business advisers, Regulator giving guidance on what is expected of them. We also have functions under legislation passed in 2008 and a statutory objective to maximise compliance with the employer duties under that legislation relating to automatic enrolment. Our principal aim is to prevent problems from developing. We use our powers flexibly, reasonably and appropriately, with the aim of putting things right and keeping schemes, and employers on the right track for the long term. www.thepensionsregulator.gov.uk

Janette Weir, “I believe there ought to be Janette is one of the founding directors of Ignition House. Ignition House is MD, Ignition House higher levels of transparency in specialist financial services research agency which has a reputation for financial services because in the excellence built around its senior team who have a unique combination of current low return environment skills, knowledge and experience drawn from financial research, economics, any further erosion of value due public policy and management consulting. Janette has more than 20 years to the cost drag of services can research experience. She is an industry expert in conducting pension research make a big difference to long with consumers, and has been actively involved in understanding consumers’ term financial well-being”. reactions to the pension liberalisation reforms announced in the 2014 Budget though both syndicated and bespoke projects www.igntionhouse.com

Jatin Patel, “I believe there ought to be Jatin is a Director of Censeo Capital Ltd. and consultant for Private Banks, Director, higher levels of transparency in Investment Management and Insurance firms. Censeo Capital Ltd financial services because I With 23 years’ experience in the delivery of wealth management and believe firms providing financial retirement solutions for consumer financial services groups, with a core services to consumers should expertise in Europe, Middle east and Africa. Formerly with Citigroup, SEI truly deliver against the product / Investments, MetLife and KBL European Private Bankers (Monaco). service promise of their proposition. Firstly, firms need to communicate products / services in a clear, transparent language and pricing so that consumers can full appreciate the value they derive from their purchase decision. Secondly, products / services need to deliver not only the appropriate customer experience but also the outcome promised in the proposition.”

Jerry Moriarty, CEO, “I believe there ought to be The IAPF is a membership association representing pension savers in Ireland. Irish Association of higher levels of transparency in Our aim is to ensure people in Ireland can have pensions that are secure, fair Pension Funds financial services because it will and simple. The services we provide to members are representation, help trustees and individuals education and information. make decisions that will result in www.iapf.ie better outcomes.”

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John Belgrove, “I believe there ought to be John is a Senior Partner at Aon Hewitt , a global leader in human capital and Senior Partner, higher levels of transparency in management consulting covering health , retirement and talent solutions. He Aon Hewitt financial services because has 30 years of consulting and fund management experience. As a member of consumers and clients need to Aon Hewitt’s UK Leadership Team, John oversees Content Development (idea trust the industry through having generation/thought leadership) activities across the Retirement and access to clear, open, honest, Investment business. He is also a lead investment advisor to a portfolio of UK- jargon-free information in order based private and public sector pension plan clients. John sits on the firm’s UK to make informed choices to and Global Investment Committees and is a regular commentator on meet their financial objectives.” pension’s industry investment trends. www.aon.com/unitedkingdom

John Greenwood, “I believe there ought to be I am editor of Corporate Adviser magazine, the publication for workplace Editor, higher levels of transparency in pensions and benefits experts. I was formerly deputy personal finance editor Corporate Adviser financial services because opacity of the Sunday Telegraph, deputy editor of Money Marketing and am the is to journalists what a red rag is author of the FT Guide to Pensions. to a bull. As long as things are www.corporate-adviser.com hidden, trust in the industry will remain low.”

John Moret, “I believe there ought to be I’ve worked in the world of pensions and financial services for far too long and Chair, Investor in higher levels of transparency in am known as “Mr SIPP” for my work on promoting SIPPs. Customers & The financial services because there At Winterthur Life (now Axa Wealth) I led a team that pioneered transparent Pensions Network ought to be higher levels of and no commission bearing contracts and introduced an adviser transparency in financial services compensation facility in 1989 - 25 years before it became accepted practice. - because I think that the lack of These days I’m semi-retired but run my own business consultancy trust in the financial services MoretoSIPPs. I am non-executive chair of an advisory business Intelligent industry is almost entirely down Pensions. I also chair Investor in Customers - a business that is focussed on to lack of respect for the helping organisations improve customer satisfaction levels and the customer customer – which in turn has experience they deliver. And I really enjoy chairing a networking forum for done untold damage to the senior pension professionals - The Pensions Network. customer experience”. [email protected]

John Raven, “I believe there ought to be John is an economist who leads the Oxera work on retirement income Senior Consultant, higher levels of transparency in solutions, including studies for the Financial Conduct Authority and the Oxera Consulting LLP financial services because European Commission, as well as research for commercial clients. Oxera is Transparency can support Europe’s leading economics consultancy in financial services, with a effective communication, which reputation for independence, integrity and analytical excellence. in turn can support better www.oxera.com consumer outcomes”.

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Jon Parker, “I believe there ought to be Dimensional manages $388 billion for investors worldwide, with 11 offices Head of Defined higher levels of transparency in around the globe. We offer investment solutions across asset classes, Contribution, financial services because without including global equities, fixed income and REITS. As an independent asset Dimensional Fund it, customers will simply continue management firm, we are committed to encouraging good corporate Advisors to mistrust the industry and lose governance practices at the companies in which we invest. We seek to impact out financially. However, we governance in several ways, including through proxy voting, engagement with would be wise to remember that management, internal research on governance, and participation in industry more information and data can surveys and events. Dimensional's approach to trading can reduce or even itself be a hindrance to improving reverse the costs borne by traditional managers. The savings accrue directly outcomes”. to the investor's return. www.eu.dimensional.com/en.aspx

Jonathan Hall, “I believe there ought to be Aquila is part of Aquila Heywood, the leader in life and pensions Head of Financial higher levels of transparency in administration software solutions. Over ten million individual accounts are Services, Aquila financial services because the administered on our systems across more than 200 commercial and public industry isn’t trusted and needs sector organisations, making over 20 million payments a year to individuals. to address specific failings in order to ensure a thriving Our sole objective is to continue to deliver market leading software and economy in the decades to associated services for our UK and international clients. As a result we are come”. totally committed to this and have unrivalled expertise. We have no distractions or other priorities. www.aquila.co.uk

Jonny Paul, “I believe there ought to be Jonny is a freelance journalist with a huge interest in fintech and the digital Freelance Journalist higher levels of transparency in challenges facing the financial services industry. Having only entered the financial services because world of financial services journalism two years ago, having worked on the financial advice is still generally foreign desk at the Daily Mail, he is passionate about highlighting the hugely seen as the preserve of the important role the sector plays, and value advisers bring to consumers. He wealthy and post-crisis there is believes that education and financial literacy is key to empowering the still much distrust. So I believe individual to take control of their finances and save for future years. that a campaign from within that homes in on greater Jonny recently left his role as senior reporter at FT Adviser with this in mind, transparency, focusing more on and wants to focus on thought leadership and more thought provoking consumer outcomes, that does analysis that look at the issues and challenges the financial services industry not stem from the regulators is a faces in more depth. powerful way to show intent”.

Joshua Card Chief Executive Officer, Kukua

Judith Donnelly, “I believe there ought to be Judith Donnelly is a partner in the pensions and institutional investor team at Partner, higher levels of transparency in law firm Squire Patton Boggs. The team represents over 400 pension funds in Squire Patton Boggs financial services because pension the UK alone, as well as numerous US pension funds and family offices and funds and other institutional international sovereign wealth funds. Its clients range from small pension investors can only comply with schemes with under £20 million in assets to large sovereign funds with assets their legal obligations to make in the hundreds of billions, giving the team a unique perspective on the global informed decisions if they are investment market and the issues facing investors of all types and sizes able to access all relevant www.squirepattonboggs.com information”.

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Karen Keay, “I believe there ought to be Karen is Head of Strategy and Planning at IRESS. IRESS provide flexible Head of Strategy and higher levels of transparency in financial markets and wealth software solutions that scale to local and global Business Planning, financial services because needs. We employ a large specialist workforce of 1,300 professionals globally. IRESS financial services can be seen as a Some 94% of the UKs top 100 financial advisers, wealth managers and black art for those not living and corporate advisers use IRESS software and most of the UKs largest banks and breathing it every day – the building societies use IRESS solutions. industry need to work hard at www.iress.com providing ever clearer and easy to understand products and support which makes in simple to understand for all”.

Laurie Fitzjohn-Sykes, “I believe there ought to be Tomorrow’s Company is a non-profit think tank that exists to inspire and Director of Research, higher levels of transparency in enable business to be a force for good. We advocate a business approach Tomorrow’s financial services because it holds based on purpose, values, relationships and the long-term. By companies Company concentrations of capital and adopting this approach shareholders and society will benefit. To achieve this hence power to account; and it we advocate change across the investment chain from asset owners, to fund increases the quantity and quality managers, boards and management teams. of information, thereby informing http://tomorrowscompany.com better decisions”.

Lawrence Gosling, Group Editorial Director, Incisive Media

Lisa Stonestreet, “ I believe there ought to be Lisa is a Programme Director at UKSIF, the UK Sustainable Investment and Programme Director, higher levels of transparency in Finance Association. Lisa has overall responsibility for UKSIF’s Market UK Sustainable financial services because the Programme which supports the growth of UK market demand for responsible Investment & importance of good stewardship investment and other financial services that advance sustainability through Finance Association and the need for long-term activities such as Good Money Week, the Ethical Investment Association and thinking from everyone in the support for Pension Funds and Charity and Foundation Investors. investment value chain has never www.uksif.org been more apparent. Transparency is a vital part of this process”.

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Liz Field, “I believe there ought to be The Wealth Management Association (WMA) is a trade association that Chief Executive, higher levels of transparency in represents 186 wealth management firms (full members) and associate Wealth Management financial services because members who provide professional services to our full member firms. Association (WMA) encouraging openness is an WMA members firms look after over £670 billion of wealth for over 4 million important way of sharing insight retail investors. to aid private investors and grow WMA full members deal in stocks, shares and other financial instruments for your own organisation”. individuals, trusts and charities through a range of services spanning execution only, advisory and discretionary fund management and firms include private banks, wealth managers and stockbrokers. The WMA exists to support its members and their clients through education and engagement, advocacy and influence, research and analysis and by playing an active role as a facilitator and thought leader. WMA firms operate across more than 580 sites, employing over 32 000 staff. These firms also run over 5.5 million client portfolios and carry out over 20 million trades a year. www.thewma.co.uk

Luke Hildyard, “I believe there ought to be We’re the Pensions and Lifetime Savings Association, the national association Policy Lead – higher levels of transparency in with a ninety-year history of helping pension professionals run better pension Stewardship and financial services because of schemes. With the support of over 1,300 pension schemes and over 400 Corp. Gov’ce. PLSA repeated evidence that suggests supporting businesses, we are the voice for pensions and lifetime savings in large elements of the industry are Westminster, Whitehall and Brussels. untrustworthy”. www.plsa.co.uk

Manfred Lam, Principal, Fragrant Harbour Capital Advisers

Mark Miller “I believe there ought to be Mark Miller is an Employee Benefit Consultant, working with corporate Employee Benefit higher levels of transparency in clients, helping them to establish and manage a suitable employee benefit Consultant, financial services because programme that reflects, or helps to improve, their culture and employee Barclays Corporate & consumers need clarity and relationship objectives. In addition to helping employers to interpret the Employer Solutions simplicity to encourage them to complexities of regulatory matters and product provider/fund manager understand and engage. gobbledygook, Mark is a strong advocate of communication support to help Currently there is too much employees understand and engage with the benefits available to them. Mark jargon and overly complex/poor has worked in the financial services sector for over 30 years and has a wealth value charging systems”. of experience and knowledge in the employee benefit sector.

www.barclays.com

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Matthijs Verweij, “I believe there ought to be During his 8 years with KAS BANK, Matthijs has worked as a Relationship BD Manager higher levels of transparency in Manager for a wide variety of Dutch pension scheme clients. In recent years Pensions, KAS BANK financial services because more Matthijs has focussed on developing services that provide governance N.V. transparency leads to better information to pension schemes in order to assist them to remain in control. governance and in control More recently Matthijs joined the KAS BANK UK team in London as a Business management of pension schemes Development Manager. In this role Matthijs focusses on empowering UK in all aspects”. pension funds by providing asset, risk and governance reporting and is rolling out solutions for pension schemes in the UK market focussing on transparency in the broadest sense of the word. www.kasbank.com

Martin Palmer, Head of Corporate Funds Proposition, Zurich Financial Services

Michael Kemp “I believe there ought to be Pinsent Masons LLP is a full service commercial law firm. It is the current Senior Pensions higher levels of transparency in holder of the Financial Times ‘Most Innovative Law Firm’ in Europe award. Technician financial services because in a Michael specialises in legal advice relating to retail pension products with Pinsent Masons LLP complex sector it is important experience advising SIPP and other personal pension scheme providers. that all parties understand the Michael is experienced in the legal aspects of structuring pensions services being provided and accumulation and decumulation vehicles, drafting product literature and where responsibilities lie”. interpreting pensions and tax legislation applicable to retail pensions.Michael also advises on all aspects of law relating to occupational pension schemes acting for both employers and trustees. www.pinsentmasons.com

Mike Barrett, “I believe there ought to be Mike is consulting director, and sole-proprietor of the lang cat Isle of Wight Consulting Director, higher levels of transparency in office. A driver and survivor of platform mergers, migrations and RDR he held The Lang Cat financial services because it’s the a number of senior roles at Skandia and Old Mutual Wealth, most recently right thing to do. Nothing is more Head of Platform Marketing. His favourite platform is platform 4 at important than planning and Southampton. saving for your, and your family’s www.langcatfinancial.co.uk future. Customers deserve nothing less than a fully transparent honest industry”.

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Neil Munn, “I believe there ought to be Neil is Knowledge Manager for KAS BANK, a specialist Custodian and Fund Knowledge Manager higher levels of transparency in Administrator dedicated to servicing Pension Funds. KAS BANK is unique in KAS BANK UK financial services because greater being a ‘pure player’, specialising solely in delivering custody and fund understanding and awareness of administration services so that you clients have confidence that they are true costs are vital to ensure working with a committed, knowledgeable and transparent partner. enhanced decision-making and improve outcome for investors”. Neil joined KAS BANK in June 2015 and is a highly-experienced knowledge management practitioner with extensive experience of the management consultancy and investment management industries. His focus is on delivering practical programmes which mobilise firm’s knowledge assets to create enduring value for both themselves and their clients. www.kasbank.com

Nick Fleming, BSI is the business standards company that helps organizations make Mkt. Dev’t. Mgr. excellence a habit – all over the world. Our business is enabling others to BSI Group perform better. Our services are designed to align with the steps individual clients need to take to understand what is best practice, how to achieve it and ensure that it remains an ongoing habit. BSI works with business experts, government bodies, trade associations and consumer groups to capture best practice and structure the knowledge all organizations need to succeed. bsigroup.com

Nick Reeve, “I believe there ought to be I am the European correspondent for Chief Investment Officer magazine, a European Editor, higher levels of transparency in specialised institutional investment title for the main decision makers at the Chief Investment financial services because there biggest pension funds, endowments, and sovereign wealth funds in North Officer Magazine has been too much bad press for America, Europe, and Australia. I write predominantly about investment too long around “hidden fees” issues such as manager selection and asset allocation, but also broader etc. Sooner or later regulators will themes such as regulation and industry innovation. step in and when they do, the www.ai-cio.com results will be far from adequate for the industry and clients”.

Nils Johnson, “I believe there ought to be Spence Johnson is a specialist provider of data, intelligence and consulting to Co-Founder and higher levels of transparency in the institutional asset management and insurance sectors. Data is a key part Director, financial services because it is of Spence Johnson’s DNA and our analytics team is dedicated to the Spence Johnson Ltd good for business. Confidence, construction of proprietary benchmarking databases, including many unique efficiency, growth and previously unavailable data sets. Our Interactive datasets enable our clients to profitability are all enhanced – place their products and business strategies in a specific market context, over the long term – by greater clearly identifying strengths, weaknesses and opportunities for growth. transparency”. www.spencejohnson.com

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Pádraig Floyd, “I believe there ought to be Pádraig Floyd is a freelance journalist and media consultant who writes on Freelance Journalist higher levels of transparency in finance subjects, particularly pensions, investments and workplace savings. and Media financial services because He is a member-nominated trustee of the Pearson Group Pension Plan and in Consultant customers deserve the truth and 2015 was co-opted to the committee of the Association of Member- if you've nothing to hide, there's Nominated Trustees. A regular commentator on pensions and investment no reason to fear transparency”. issues, Floyd shares views via his website www.moneyjourney.net, his Linkedin profile at bit.ly.padraigfloyd and as @gogetemfloyd on Twitter. www.moneyjourney.net

Pauline Gleadle, “I believe there ought to be Pauline is a management academic who teaches and researches in the areas Professor of higher levels of transparency in of accounting and corporate governance. She has been researching for many Accounting, Uni. of financial services in order to help years the subject of financialization (here: the interaction between financial Westminster individuals manage their finances, markets and the strategy and governance of non-financial corporations, such and specifically, plan for as that of the pharmaceutical and biotech industries in the UK and more retirement, a crucial issue given internationally). demographic changes in the West Financialization also impacts of course the individual saving for their in particular”. retirement for example. More recently, she has become involved in these aspects in her work for Westminster’s Pensions Research Network (PRN).

Philip Audaer, “I believe there ought to be Philip helps corporate and trustee clients with all aspect of DC consulting, Principal, Lane Clark higher levels of transparency in enabling them to design and implement DC strategies that reflect the new DC & Peacock LLP financial services because The arena in which schemes must now operate, in terms of delivering solutions fundamental impending changes that are right for both the scheme and its membership. to our industry, both He has a particular focus on the bundled DC market, where he is an integral demographic and legislative, will part of LCP’s Research Team, which conducts wide-ranging analysis of be rejected by the generation providers and their capabilities. This means that he has extensive expertise who will be affected by them and understanding of provider capabilities during this challenging time for the most”. DC market LCP is a firm of financial, actuarial and business consultants, specialising in the areas of pensions, investment, insurance and business analytics. LCP offers clients better control over the financial future of their pension schemes with intuitive, real-time technology. Visit ww.lcpvisualise.com for more information. Clients include 3i, Barnardo’s, Hilton Worldwide, Lenovo, NM Rothschild & Sons, Smith & Nephew, Tate & Lyle, UNISON, Volkswagen and Whitbread. The firm has more than 500 staff based at locations in London, Winchester, Brussels, Utrecht, Dublin and Abu Dhabi. www.lcp.uk

Philip Brown, “I believe there ought to be LV= launched the UK’s first online fully regulated advice service (not Head of Policy, higher levels of transparency in simplified) - In June 2015, in direct response to the growing need for LV= financial services because it will accessible, affordable advice to help individuals make the most of the new aid delivery of consumer trust, pension freedoms, which we have shared with the FCA throughout its understanding and better development. consumer outcomes”. The new service, takes the best of new technology through powerful algorithms to reduce costs and improve convenience and mixes it with additional online and telephone based advisor support to help ensure the recommendations are the right ones for the customer. We describe it as technology with a very human touch. Philip has worked in financial services for over 28 years, with most of his experience focused on pensions and retirement income products. During this time he has worked as a Senior Policy Associate on high level projects at the Financial Services Authority, as well as being the Head of Customer Services and Technical Administration, managing the vesting process for a large back

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book of varied pension and life products. Most recently he has been with LV= for over 4 years and is currently Head of Policy.

Philip has been an active member of a number of industry trade bodies over the years including: the ABI Retirement and Savings Committee; the Chair of the ILAG Savings Strategy Group; a Founder member of and a Management Board Member of PICA; the Chair of the Options Steering Board; a member of the Money Advice Service Independent Review Panel; Chair of the Retirement Planning Financial Capability Strategy Steering Group, as well as a member of the ABI Retirement Market Working Group. www.lv.com Piers Currie, “I believe there ought to be Aberdeen Asset Management is one Europe’s largest independent asset Group Head of Brand, higher levels of transparency in managers and is listed on the London Stock Exchange. Aberdeen Asset financial services because that Piers Currie joined in 1995 and became Group Head of Brand in 2012. In 2013 Management reduces product complexity and he was responsible for launching the refreshed Aberdeen brand globally information asymmetry and as a through a global advertising campaign in 26 countries and 11 languages. The result unwanted surprises for group's strapline is "simply asset management" which emphasises its focus as customers”. a pure play asset manager and its valued independence as a standalone business. www.aberdeen-asset.com

Rachel Haworth, “I believe there ought to be ShareAction is a UK registered charity that exists to promote an investment Policy Officer, higher levels of transparency in system which serves savers, society and the environment. In particular, we ShareAction financial services because work to encourage pension funds and other institutional investors to be active ensuring institutional investors owners of listed companies, and to integrate long-term environmental, social are directly accountable to the and governance (ESG) risks into investment analysis and shareholder people whose money they look engagement. We also work to improve transparency and accountability to the after is the only way to transform savers whose money is invested in the capital markets. the system into one that serves http://shareaction.org/ savers, society and the environment”.

Raghavan “I believe there ought to be Turtle Capital is a new investment firm which believes in collaborative Selvaratnam, higher levels of transparency in investing. We are launching a new investment fund for customers which Co-Founder, financial services because it is the utilises the power of sharing by reducing the fees of all customers as the fund Turtle Capital right thing to do”. gets bigger in size. In addition we will donate 50% of our profits to educational charities in Sri Lanka and the UK. www.turtle-capital.com

Raj Thamotheram, Chief Executive Officer, Preventable Surprises

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Ralph Frank, “I believe there ought to be Ralph Frank works with institutions and individuals to help solve their CEO, higher levels of transparency in financial, investment and risk management challenges. Charlton Frank financial services because users of www.charltonfrank.com our services should be able to understand what is being done for them and the corresponding charges being levied”.

Robert Nevins, “I believe there ought to be I am a Compliance Advice Manager at Architas Multi-Manager Limited. We Compliance Advice higher levels of transparency in manage funds for retail investors in the UK and Europe. Manager, financial services because we are www.architas-mm.com Architas Multi- acting in a position of trust”. Manager Limited

Ruth Gilbe Reporter FT Adviser

Sam Brodbeck Pensions Reporter Money Marketing Sam Maule, “I believe there ought to be E3G is an independent organisation acting to accelerate the global transition Policy Advisor, E3G higher levels of transparency in to sustainable development. We leverage outcomes on climate, economics, financial services because doing resources and security. Within E3G, Sam is working on the EU Low-Carbon so will enable investors to assess Finance programme with a specific focus on the European Commission’s the carbon intensity of their Capital Markets Union initiative. This work concentrates on how financial investments, aiding the transition market reform can accelerate the transition to a low-carbon economy in to a low carbon economy”. Europe. www.e3g.org

Sarah Cowburn Senior Reporter, Pensions Expert

Sarah Luheshi, “I believe there ought to be The Pensions Policy Institute (PPI) promotes the study of pensions and other Deputy Director, higher levels of transparency in provision for retirement and old age. The PPI is unique in the study of PPI financial services because pensions, as it is independent (no political bias or vested interest); focused transparency cultivates trust, and and expert in the field; and takes a long-term perspective across all elements trust is what we need to build of the pension system. The PPI exists to contribute facts, analysis and with consumers to enable us to commentary to help all commentators and decision-makers to take informed help them achieve positive policy decisions on pensions and retirement provision. For more information, outcomes from interacting with details of membership or any of our reports / submissions, please go to the industry”. www.pensionspolicyinstitute.org.uk/

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Sarah Wilson, Chief Executive, Manifest

Simon Fletcher, “I believe there ought to be Johnson Fleming is a leading, workplace pensions and employee benefits Chief Executive higher levels of transparency in specialist, providing outsourced support to UK businesses. We adopt a pro- Officer, financial services because if active approach and offer innovative solutions that make a difference to our Johnson Fleming customers fully understand the clients, ensuring we are there at every step of the process for them, their services they receive, what they business and their employees. Whether you are looking for advice and cost and then get exactly what guidance on setting up a scheme, financial education for your workforce or a they expect, everybody benefits review of your entire employee benefits package – we are here to help. both in the short and long term”. www.johnsonfleming.com

Simon Howard, “I believe there ought to be Simon Howard joined UKSIF as Chief Executive in May 2013. UKSIF is the Chief Executive, higher levels of transparency in membership association for UK sustainable and responsible financial services, UK Sustainable financial services because without and promotes responsible investment and other forms of finance that support Investment & them we are not trapping all the sustainable economic development, enhance quality of life and safeguard the Finance Association risks- and almost as importantly, environment. UKSIF also seeks to ensure that individual and institutional the opportunities- to which savers investors can reflect their values in their investments. are exposed”. Simon is a former Chief Investment Officer who has over twenty years of investment management experience in equities and fixed income. He became interested in sustainability issues through his work in forecasting asset class returns. He feels these will vary sharply from the past as the various environmental and social crises the world faces begin to bite. www.uksif.org

Simon Laight, Partner, Pinsent Masons LLP

Sofia Morrell, “I believe there ought to be Sophia Morrell is an Associate Director at Lansons, which is a full service Associate Director, higher levels of transparency in strategic consultancy, specialising in corporate, media and political Lansons financial services to improve communications. We help our clients achieve their objectives by understanding of the industry communicating more effectively with customers, investors, employees, policy- among its end consumers and makers, regulators and the wider public. Sophia also sits on the committee of help to build an environment Labour in the City and the Young Fabians Finance Network steering group. underpinned by integrity in www.lansons.com provision of services”.

Steve Farrell Chief Risk Officer Aviva Investors

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Steve Kenzie, “I believe there ought to be The UN Global Compact Network UK supports UK-based participants in the Executive Director, higher levels of transparency in UN’s corporate sustainability initiative by facilitating engagement with the UN Global Compact financial services because global initiative, creating opportunities for cross-sector collaboration within Network UK transparency is essential to the UK, and providing a forum for learning about sustainable development ensuring competence, efficiency, issues. and integrity. Given its huge Steve has managed the Secretariat of the UN Global Compact Network UK influence, it is vital that the since 2008, providing support for UK-based endorsers of the UN’s corporate financial services sector improve sustainability framework. its performance in these areas”. He was previously a Programme Director at the International Business Leaders Forum (IBLF) leading projects across a wide range of responsible business issue areas. Prior to joining IBLF, Steve was the founder and Managing Director of a successful retail sports equipment business in Canada. He has a B.Comm from the University of British Columbia and an MSc in Business & Environment from Imperial College London. www.unglobalcompact.org.uk

Stewart Bevan, UK “I believe there ought to be Stewart Bevan joined the KAS BANK UK team in 2015 as a product specialist Product Manager, higher levels of transparency in focusing on cost transparency for pension funds. Stewart has extensive KAS BANK N.V. financial services because experience in identifying, capturing and interpreting cost data through his stakeholders deserve to have previous roles, including Fund Servicing specialist at JP Morgan. Prior to this, access to the right information, to Stewart undertook projects to investigate and analyse LGPS investment costs inform the best levels of decision- in detail, and, as a result, he is one of the most knowledgeable practitioners in making and improve outcomes”. the development of cost transparency solutions. Stewart is now in charge of developing a market leading framework for pension fund cost analysis and regularly provides insight, commentary and education to the market on how to better understand costs. www.kasbank.com

Sunil Chadda, “I believe there ought to be Managing Director, higher levels of transparency in Cairn Consulting Ltd financial services because I believe there ought to be higher levels of transparency in financial services because every customer has the right to know exactly how much goods and services cost at the point of purchase”.

Suresh Mistry, “I believe there ought to be For too long, investment has been about grabbing a quick profit, while giving Group Sales Director, higher levels of transparency in nothing back. At Alquity, we're here to change that, for good. Our mission is Alquity Investment financial services because to transform how people invest, to achieve great returns while creating a Management Ltd increasingly investors are better, fairer world for all. concerned about the source of We do this by investing responsibly in high-growth markets across the world, their investment returns and and then donate up to 25% of our fee revenues back into these economies to transparency will ensure they’re help the poorest onto the first rung of the economic ladder, boosting growth not blindly funding businesses and creating a Virtuous Circle of investment. that harm society in pursuit of www.alquity.com profit”.

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Terry Mellish, “I believe there ought to be Terry is Head of Global Institutional Services at Natixis Global Asset Head of Global higher levels of transparency in Management. Our firm, one of the world’s largest, with a multi-affiliate model Institutional Svcs. financial services because it’s of 20+ asset managers in the US, UK, Europe and Asia, brings a unique brand Natixis Global Asset ultimately right for clients and of thinking to client relationships. It emphasises the autonomy of our Management part of being responsible managers, enabling us to offer a diverse range of solutions across a wide array investors. Natixis understands of investment styles and disciplines. We are defined by an overarching that transparency of its regulated dynamic investment approach, Durable Portfolio Construction, an objective, financial information is critical to insight driven approach that arms clients with the research and analysis to the good management and build risk-minded strategies for virtually any market environment. stewardship of our firm”. www.ngam.natixis.com

Tom Brown, “I believe there ought to be Tom is an Investment Funds Business Partner at Zurich Corporate Savings Investment Funds higher levels of transparency in where he works closely with Trustees and their advisors to deliver appropriate Business Partner, financial services because this will pension schemes for their members. Tom has extensive experience of fund Zurich Assurance give customers the confidence to governance within the Life industry and is an expert in life and pension fund Limited engage with the industry and rationalisation. Previously Tom was Director of Investment Funds for the focus on saving for their Prudential Portfolio Management Group and prior to that worked in change retirement”. management for Citigroup www.zurich.co.uk

Tomas Wijffels, Tomas Wijffels (1971) was trained to become an architect. After working for Policy Advisor, eight years as cultural heritage consultant, he became involved in pensions. In Federation of Dutch 2005-2007 he was member of the board of trustees of a medium sized Pension Schemes company pension fund (AuM 2 bln). In 2008 he started working for the Federation of the Dutch pension funds. He was from the beginning involved in the project of transparency of administrative costs. Other field of interest is pension communication. Tomas is currently board member of the Pensioenregister, a tracking service for all workplace pensions.

Valentina Romeo, Investment Reporter, Money Marketing Fund Strategy

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TRANSPARENCY TROPHY 2016

Alquity Investment Management

At Alquity our mission is to build a world-class investment business that transforms how people invest to create a better, fairer world for all. Transparency is key to achieving and communicating this, and so we place it at the heart of everything we do.

Specifically:

1. Transparency for our Clients We are the only asset manager that takes investors to meet the management teams of the stocks in our portfolios. For three years we have been running Insight Trips for investors, during which they meet the companies in our funds, visit some of their company projects linked to responsible business and also meet the beneficiaries of our charitable projects. Not only does this show them where their money is going, but gives them pride in their investments too. 2. Transparency of our Investment Process We believe that when clients pay for active asset management that is what they should get. We are clear to investors that the funds are non-benchmarked and only contain stocks we have assessed deeply and can deliver growth. Importantly, we do not fill our funds with stocks from the index to minimise tracking error like many funds, just so the manager is paid a bonus for out performance relative to the benchmark.

3. Transparency for our Stocks Our fund managers actively manage their investments, meeting management teams and visiting sites on a regular basis. We are very transparent with companies about our expectations regarding our ESG (Environmental, Social and Governance) criteria and encourage them to provide information to support this analysis. We also share best practice with them from other regions and sectors to help them improve their ESG and market performance too. The investment team consistently reports back on their trips, issuing daily blogs and reports on their findings in the field. In 2016, we are looking to bring this alive and extend invitations to some of our key clients for them to join our investment teams at these meetings. This will enable them to see first hand the questions our team asks, and how they assess prospective investments. 4. Transparency About our Donations We donate a significant proportion of our revenues to support charitable projects in the regions in which we invest. This not only helps some of the poorest people onto the economic ladder but also boosts the economy for the companies we invest in. We openly disclose the amount we have donated and also the lives transformed. We do this in conjunction with our charity partners, and we are able to report this for each individual investor so they know exactly the impact they have had and hear the stories of those whose lives have been transformed. This is all overseen by the Alquity Foundation, which is run by three independent trustees and our CEO Paul Robinson.

Simply put, transparency enables us to bring our unique business model to life and provide clear line of sight for all our investors that we do what we say. This has helped us to: • Grow assets from $1m to c$100m • Increase our fund range to five funds covering Asia, Africa, the Indian Subcontinent, Latin America and Future World (our Global Emerging Markets fund) • Win industry awards for top fund performance – in 2015 we were awarded Social Impact Investor of the Year by Investment Week • Donate over $650,000 to transformational, sustainable projects in Africa, Asia and Latin America • Transform over 23,000 lives

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Transparency Trophy Submission BrightonRock Group, Con Keating

Why did I get involved with the Transparency Taskforce? It was to understand where, when and how transparency works; indeed, what the limits to transparency are. In the UK, increased transparency requirements have not increased levels of trust in the public institutions, businesses and office holders. Public mistrust, apathy and ignorance persist. Is the remedy more of the same, or should we note Einstein’s definition of insanity: doing the same thing over, and over again and expecting different results? It is obvious that transparency may fail when the information circulated fails to conform to adequate standards. Transparency can only deliver when the material disclosed is intelligible, relevant, accurate and honest, and these attributes cannot simply be assumed. Vigilance is also needed over the potential abuses of transparency, such as disclosures designed to transfer or avoid liability.

Much needs doing – much more widely than just pensions.

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Transparency Trophy – Entry Submission ‐ MORNINGSTAR

Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia and Asia. Our mission is to create great products that help investors reach their financial goals, and we work directly with investors, as well as the advisers and institutions that serve them. Morningstar provides data on more than 500,000 investment offerings, including stocks, mutual funds and similar vehicles, along with real‐ time global market data on more than 17 million equities, indices, futures, options, commodities and precious metals: all with the aim of making these offerings more transparent and therefore more understandable for investors. The proprietary information in our database, such as full portfolio holdings for collective investment funds, is the foundation for our Analysts research, software and services. From its start in 1984, Morningstar has created new ways to help people evaluate and understand investments, and we’ve built tools that help people see how different investments work together. In recent years we’ve been building our presence in markets that would benefit from additional transparency—the most recent being Dubai, Brazil, Chile and Mexico.

Fund Fees: We are long‐standing advocates of lower fees and more transparency in fees. We work with the regulators, industry bodies and asset managers to encourage better transparency of costs; we are vocal on the benefits to investors of low‐cost investments and our published studies have shown that fees are the single biggest predictor of performance.

Smart Beta: We issue an annual paper on the strategic‐beta ETP landscape to explain how funds differ in their approach; this includes an explanation of our proprietary classification system for strategic‐beta ETPS, which has been designed to help investors better understand these funds, and to help them make a true peer comparison.

Investment Trusts: We were pioneers for greater transparency from investment trusts regarding their holdings ahead of, and subsequent to, the introduction of the Retail Distribution Review. We have made great strides not just in improving holdings disclosure, but also in encouraging the trusts’ boards to be more transparent and open about their funds, to all and not just existing, investors.

Global Fund Investor Experience: We issue a bi‐annual report, first published in 2009, measuring the experiences of mutual fund investors in 25 countries. The report has promoted dialogue around global best practices for mutual funds from the perspective of fund shareholders and transparency has been a key focus throughout all four categories of evaluation.

Solvency II: We were early providers of data and technology services to asset managers for the express purpose of releasing holdings data to their insurance clients for Solvency II reporting, to meet the needs of the look‐through principle.

Australia: Heather Brilliant, CEO of Morningstar Australia and member of the CFA institute board of governors, is campaigning in Australia for local fund managers to embrace better transparency.

Regulatory/Industry: We provide services to, consult and advise the SEC and other industry bodies globally on topics including portfolio and fee transparency.

Environmental, Social and Governance (ESG) Scores: We are launching ESG scores in 2016 in conjunction with Sustainalytics to bring greater transparency for investors and the investment industry through ESG research, data and tools. Quite simply, transparency is in our DNA MORNINGSTAR – Transparency Trophy Submission ‐ Digital Links

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Fund Fees http://marketsmedia.com/morningstar‐pushes‐transparency‐fund‐fees/

http://news.morningstar.com/pdfs/2015_fee_study.pdf http://corporate.morningstar.com/us/documents/MethodologyDocuments/ResearchPapers/MutualFundIndu stryStewardship.pdf http://corporate1.morningstar.com/ResearchArticle.aspx?documentId=706828 ETFs/Strategic Beta http://corporate.morningstar.com/uk/documents/MethodologyDocuments/MethodologyPapers/SyntheticETF sUnderMicroscope.pdf http://corporate.morningstar.com/uk/documents/MethodologyDocuments/ResearchPapers/On‐the‐Right‐ Track‐ Measuring‐Tracking‐Efficiency‐in‐ETFs.pdf http://corporate1.morningstar.com/ResearchArticle.aspx?documentId=716188 http://corporate1.morningstar.com/ResearchArticle.aspx?documentId=718120 Investment Trusts http://media.morningstar.com/uk/MEDIA/Research_Paper/Morningstar_Investment_Trusts_Why_Transparen cy_Matters.pdf http://media.morningstar.com/uk/MEDIA/Research_Paper/Morningstar_Investment_Trusts_Why_Transparen cy_Matters_Update.pdf http://media.morningstar.com/uk/Media/Research_Paper/Morningstar_Transparency_in_Investment_Trusts_ Report_October_2014_Update.pdf Global Fund Investor Experience https://corporate.morningstar.com/US/documents/2015%20Global%20Fund%20Investor%20Experience.pdf http://corporate1.morningstar.com/ResearchArticle.aspx?documentId=678204 Regulatory https://www.sec.gov/comments/s7‐08‐15/s70815‐355.pdf http://www.solvencyiiwire.com/processing‐data‐for‐look‐through‐reporting/51035 http://referencedatareview.com/blog‐entry/morningstar‐augments‐solvency‐ii‐solutions‐ubs‐ delta%E2%80%99s‐capital‐ requirement‐calculations https://www.morningstar.com/news/pr‐news‐wire/PRNews_20151021NE34067/as‐implementation‐deadline‐ approaches‐morningstar‐and‐ interactive‐data‐announce‐lookthrough‐solution‐to‐help‐insurance‐companies‐ with‐solvency‐ii‐reporting.html http://www.actuarialpost.co.uk/article/morningstar‐introduces‐solvency‐ii‐mapping‐service‐2142.htm Morningstar Indexes http://corporate1.morningstar.com/Morningstar‐Global‐Indexes/ Morningstar Methodologies http://corporate.morningstar.com/uk/documents/MethodologyDocuments/MethodologyPapers/EuropeAsiaC ategoryDefinitionsMeth.pdf http://corporate.morningstar.com/uk/documents/MethodologyDocuments/MethodologyPapers/Morningstar HedgeFundCategories_Methodology.pdf http://corporate.morningstar.com/uk/documents/MethodologyDocuments/MethodologyPapers/GlobalEquity ClassStructure.pdf http://corporate.morningstar.com/uk/documents/MethodologyDocuments/MethodologyPapers/Morningstar FundRating_Methodology.pdf http://corporate.morningstar.com/uk/documents/MethodologyDocuments/MethodologyPapers/Morningstar StyleBox_Methodology.pdf http://corporate.morningstar.com/uk/documents/MethodologyDocuments/MethodologyPapers/AnalystRatin gforFundsMethodology.pdf http://corporate.morningstar.com/uk/documents/MethodologyDocuments/MethodologyPapers/Morningstar OwnershipZone.pdf Regulatory/Industry https://www.sec.gov/comments/s7‐08‐15/s70815‐355.pdf Environmental, Social and Governance (ESG) Scores http://www.sustainalytics.com/morningstar‐launch‐first‐environmental‐social‐and‐governance‐esg‐scores‐ funds‐globally http://corporate.morningstar.com/uk/asp/subject.aspx?xmlfile=501.xml&filter=PR5464 http://igniteseurope.com/c/1274163/143073/managers_concerned_over_morningstar_ratings?referrer_mod ule=emailMorningNews&module_order=0&code=YW1GamEybGxMbUpsWVhKa1FHMXZjbTVwYm1kemRHRnl MbU52YlN3Z05EQTFNelUzTENBeE5URTBOek15T1RZMA http://www.ft.com/intl/cms/s/e8dac6ae‐bb83‐11e5‐bf7e‐ 8a339b6f2164,Authorised=false.html?_i_location=http%3A%2F%2Fwww.ft.com%2Fintl%2Fcms%2Fs%2F0%2F e8dac6ae‐bb83‐11e5‐bf7e‐ 8a339b6f2164.html&_i_referer=&classification=conditional_standard&iab=barrier‐ app#axzz3xWDmBvvB

Australia http://investmentmagazine.com.au/2015/08/cfa‐lack‐of‐transparency‐harming‐fund‐managers/

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25 January 2016 Submission for the Transparency Trophy Dr. Anna Tilba, Prof. Michelle Baddeley and Dr. Crhis Sier Dr. Chris Sier is the former co-Director of the Financial Services Knowledge Transfer network (FSKTN) and is co-lead on FiNexus, a programme to build a series of research and innovation centres in the UK for financial services. He is an authority on pension fund costs and complexity, innovation in financial services and on the operational management of derivatives for the buy-side and has advised a wide range of market participants including investment managers, service providers, brokers and IT vendors on strategic and operational issues. Chris was previously a director of London-based Alpha Financial Markets Consulting, a buy-side strategy and benchmarking consultancy. He also spent several years as a consultant at CSTIM (Morse) and AT Kearney. Before coming to the City and after completing his PhD, Chris was a police officer in Edinburgh.

Michelle Baddeley is Professor in Economics and Finance at the Bartlett Faculty of the Built Environment, University College London (UCL), and before that was Director of Studies in Economics, Gonville & Caius College/Faculty of Economics, University of Cambridge. She has a BA (Psychology) and BEcon (Hons 1) from University of Queensland, and an MPhil/PhD (Economics) from University of Cambridge. She was a member of UCL’s Green Economy Policy Commission, and is an Associate Researcher with the Energy Policy Research Group, Judge Business School, University of Cambridge. She has an active interest in public policy and is a member of the Hazardous Substances Advisory Committee (convened by the Department for Environment, Food and Rural Affairs), and an Associate Fellow with the Centre for Science and Policy (CSaP), based at the University of Cambridge. She was a member of the Blackett Review Expert Panel: FinTech Futures 2014-15, led by Professor Sir Mark Walport, UK Government Chief Scientific Adviser. She is on the editorial boards for the Journal of Cybersecurity and the Journal of Economic Psychology. She is also on the advisory board of the Society for the Advancement of Behavioral Economics (SABE). Anna Tilba is currently a Lecturer in strategy and corporate governance and Director of Corporate Engagement at the Newcastle University Business School. Her research interests include pension fund investment, financial intermediation and networks, accountability, corporate governance and investor engagement. Anna has been a member of the advisory committee on fiduciary duties of investment intermediaries for the Law Commission. Most recently, Anna has become an Ambassador of the Transparency Task Force. She is a member of the Transaction Costs and Charges Team and she is also actively helping to build the International Best Practice team within TTF. Dr. Tilba and her Co-Authors, Prof. Michelle Baddeley and Dr. Chris Sier will be presenting their latest research into local government pension schemes costs and charges at the second transparency symposium, which will be hosted by Newcastle University, in London.

Their latest research highlights that the true cost of (equity) ownership is unknown. Their study assesses investment costs and benefits in the LGPS pension funds. They argue that financial intermediaries who advise and commission pensions costs may have little incentives to keep the costs low. Complexity within the chain of agents, information asymmetries, including moral hazard, within the investment chain and the lack of transparency of pension costs may lead to questionable behaviour within pension fund investment chain. Using a unique large data set of 105 local government pension funds over 10 years, the study aims to establish the true cost of UK pensions. In so doing, the study: identifies a model of a pension fund value chain and elaborates on methods/ways of identifying how to measure pensions costs. The study allows that behaviour is often boundedly rational, i.e. information and cognitive constraints limit capacity for strictly rational, maximizing behaviour. Behavioural economics shows how limits on rationality lead people into using heuristics – quick decision-making rules, and whilst these heuristics are often sensible, they are also related to systematic behavioural biases (Tversky and Kahneman) and rent-seeking behaviour within pension fund investment chain. The paper highlights the conflicts of interests in the value chain and argues that higher fees do not lead to better financial performance. In fact, it is the cheapest cost of equity management that have consistently produced best investment performance results.

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Pensioenfederatie Prinses Margrietplantsoen 90 2595 BR Den Haag Postbus 93158 2509 AD Den Haag T +31 (0)70 76 20 220 [email protected] www.pensioenfederatie.nl

KvK Haaglanden 52988368 Transparency Trophy – Entry submission

On behalf of approximately 250 Dutch pension funds, the Federation of the Dutch pension funds represents the interests of 5.8 million members, 2.7 million pensioners and 8.6 million deferred members. Roughly 90% of all employees in the Netherlands are member of a collective pension fund. The pension funds in the Netherlands collectively manage approximately 1200 billion euro in assets (Q4 2015).

The Federation of the Dutch Pension Funds publishes today, February 3rd 2016, a new and revised version of its Recommendations on Administrative Costs. In the 2016 edition, recommendations from the 2011 edition have been clarified or specified. Complying to these recommendations, Dutch pension funds publish on a yearly basis the following key figures:  costs of pension management (euro per participant)  asset management costs (% assets under management)  transaction costs (% assets under management) The Recommendations aim to answer simple questions such as “how much of my retirement premium is spent on costs?” In previous years, answering this question was no easy task. Now, pension funds make their costs transparent and comparable.

Our pension funds want these costs to be clear and accessible for employees, employers, and retirees. Due to the quasi-mandatory nature of the Dutch pension system, the majority of the Dutch save for their retirement. Our poverty rates under retirees are therefore one of the lowest in the world. In the drive towards cost transparency, pension funds put great emphasis on providing insight into the way they fulfil their fiduciary duties. Greater transparency also helps the pension fund boards to take cost factors into account in making policy decisions.

An interesting effect is what we call the transparency paradox: the more transparent costs become, the more expensive the pension fund seems. Nonetheless, in the period of 2012-2015 almost all Dutch pension funds (98%) complied to our recommendations. In 2015 the Dutch government took over the recommendations and obliged pension funds to publish their cost levels, based on definitions written down by the Federation. Cost levels are reported in the annual report and website.

The Federation of the Dutch pension funds accomplished full cost transparency of pension funds in a period of three years time. This type of self regulation helps to improve trust in pension funds. Federation of the Dutch pension funds – Digital links

Website Federation of the Dutch pension funds http://www.pensioenfederatie.nl/english/Pages/default.aspx

Recommendations cost transparency 2011 http://www.pensioenfederatie.nl/Document/Publicaties/English%20publications/Aanbevelingen_Uitvoerin gskosten_EN.pdf

Recommendations 2012, elaboration on asset management costs http://www.pensioenfederatie.nl/Document/Publicaties/Servicedocumenten/Uitvoeringskosten_no2_Englis h.pdf

AFM report on costs of pension funds (AFM is the Dutch FCA) http://www.pensioenfederatie.nl/Document/Nieuws/AFM_Rapport_Vermogensbeheer- _en_transactiekosten_pensioenfondsen_in_beeld.pdf | Page 45

ShareAction nomination for the Transparency Trophy: summary document ShareAction is a charity that promotes Responsible Investment (RI) by pension funds and other institutional investors. We are staunch champions of transparency in the investment industry. It is only with access to information about how money is invested by asset managers and pension funds that investors and savers can make informed decisions about which asset managers and pension schemes to entrust with their money. Our work supports transparency in a number of ways.

Our work in 2015 uncovering the voting practices of the UK’s 33 largest asset managers on controversial issues like executive remuneration sparked a debate about transparency in the asset management sector. Those surveyed include some of the best known asset managers in the world, representing £13.8 trillion in assets under management. We surveyed the asset managers on their voting records at 2014 company AGMs on controversial issues such as executive remuneration, and levels of transparency in the disclosure of those records. The survey revealed a wide range of big names in asset management that refuse to be transparent about how they invest clients’ money; with six investment management firms refusing to disclose any basic information about how they vote on behalf of their clients at company AGMs.

In 2015 we also ranked the same 33 asset managers by transparency and Responsible Investment performance. This was the fourth survey of the industry’s performance on Responsible Investment, and provides the only available independent benchmark on this topic. The results showed a wide range of big names in asset management that still refuse to be transparent about how they invest clients’ money, particularly with regard to environmental, social and governance (ESG) issues. Following the publication of our research we engaged extensively with representatives from the asset management industry to discuss the scores received, and steps firms can take towards greater transparency and RI performance.

Transparency on how money is invested is absolutely critical in allowing investors like pension fund trustees to make informed decisions about which firms are best placed to manage their clients’ money. Our work has encouraged clients to demand a better deal from the industry. As well as generating significant media coverage that firmly named and shamed the firms lagging behind, our research has fostered a healthy level of competition among firms, bringing to bear positive pressure that we believe will translate to better performance on the criteria we identified. Our research is widely respected in the sector and we’re extremely proud of our role as independent watch-dog that can not only call out those firms not doing enough, but also suggest practical recommendations to enable firms to improve.

Another area of our work which has driven up transparency standards in the pensions and investments sector is our work connecting individual savers with their pension funds. ShareAction has pioneered the use of custom-built online platforms through which savers can send an email directly to an employee at their pension scheme. Through these tools, we radically compress the investment chain, enabling savers to be directly in touch with the people managing their savings, in a sector where all too often there is poor communication and a lack of transparency when it comes to investment strategies. Our tools have enabled thousands of savers to demand detailed information about how their savings are invested with regard to ESG issues such as renewable energy, the Living Wage, corporate lobbying and high pay in the corporate sector. Our work has improved the transparency and communication between schemes and members on issues that many feel very deeply about.

We are particularly proud of the progress we have made encouraging Scottish Widows to be more transparent about its investments. We supported a team of savers, concerned about the impact of climate change on their savings, to engage with the scheme through letters and meetings, to ask them to disclose the potential risks of climate change to their portfolio. Scottish Widows recently agreed to undertake a ‘climate audit’ to measure and disclose to savers what these risks are. All too often, schemes do not disclose or even measure such risks. We believe our work with savers to get one of the UK’s largest pension providers to commit to such a step marks a new standard for transparency in UK schemes, and we hope to gain commitments from other schemes to do the same in the near future. Supporting documents:

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The report on asset manager voting practices: http://action.shareaction.org/page/-/AssetManagerVotingPracticesFinal.pdf?nocdn=1

Coverage highlights:

 http://www.thetimes.co.uk/tto/money/investment/article4443914.ece  http://citywire.co.uk/money/backing-the-bosses-the-fund-groups-reluctant-to- rebel/a815650  http://www.theguardian.com/business/2015/may/18/pay-revolts-shareaction-highlights- non-dissenting-asset-managers

The report on asset managers’ Responsible Investment and transparency performance: http://action.shareaction.org/page/-/Survey%20Report-2015.pdf

Coverage highlights:  http://www.thetimes.co.uk/tto/money/investment/article4357045.ece?CMP=OTH-gnws- standard-2015_02_18  http://www.investmentweek.co.uk/investment-week/news/2393167/major-fund-groups- falling-short-on-responsible-investing  http://www.ft.com/cms/s/0/634f301e-a889-11e4-ad01- 00144feab7de.html#axzz3QZw3EJx5

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WHEB Submission for the Transparency Trophy.

Why do we think that Transparency is important and why is WHEB in a good position to be transparent. WHEB Asset Management is a specialist fund management business focussed on a single Sustainable Investment strategy. Our aim is to generate superior returns from global equities by investing in companies providing solutions to some of the most serious environmental and social challenges facing mankind over the coming decades. Our mission is to achieve investment performance through Impact, and our vision is to contribute to a sustainable world through capital markets that deliver social and environmental value. With this singular focus and our structure as a partnership, transparency is a subject that is close to our hearts. We are committed to operating a transparent and accountable business on the basis of both principle and profit. On principle because we ask our investee companies to operate to certain standards and we believe that we should hold our own business to the same standards. And out of profit because trust is an extremely rare and valuable asset in the financial services industry. Repeatedly our industry is found to suffer from a lack of trust from its client base. The investing public assumes that the financial services industry is out to get rich at their expense, rather than providing a much needed service to the economy and the needs of savers. In the long-run everyone suffers from this problem. Transparency is a crucial tool to help rebuild that trust, and we believe that businesses which operate in a transparent way with their stakeholders, will develop stronger business relationships and ultimately will be more successful in the long term. As a small, focused partnership we are in a strong position to try to put some of these things into practise. Sample Transparency Initiatives at WHEB:  Publishing All Portfolio Holdings: Most fund managers publish their top ten holdings but it is hard to find out exactly where the rest of the portfolio is invested. We publish a full list of companies held in the FP WHEB Sustainability Fund on our website, which we update three times a year, with a short description for each company explaining why it fits in our investment themes.

 Investment Advisory Committee, and published minutes: There is relatively little independent governance of retail investment funds in the UK. We have established an independent Investment Advisory Committee which meets with the team three times a year, and part of their brief is to challenge whether every holding in the portfolio meets the criteria of providing a ‘Solution to a Sustainability Challenge’. We then publish the summary minutes of this meeting.

 Engagement and voting report/records: We are a signatory to the UK Stewardship code and publish a quarterly report detailing our engagement and stewardship activities and our full voting records.

 Signatory to the EUROSIF Transparency Code: For the past three years we have been a signatory to the EUROSIF Transparency Code, which sets out a standard for transparency for fund managers providing sustainable investment strategies. Only 4 fund managers in the UK meet this standard. There are currently 50 signatories across Europe. The European SRI Transparency logo signifies that WHEB Asset Management commits to provide accurate, adequate and timely information to enable stakeholders, in particular consumers, to understand the Sustainable Responsible Investment (SRI) policies and practices relating to the fund. Detailed information about the European SRI Transparency Code can be found on www.eurosif.org, and information of the SRI policies and practices of the FP WHEB Sustainability Fund can be found at: http://www.whebgroup.com/. The Transparency Code is managed by Eurosif, an independent organisation. The European SRI Transparency Logo reflects the fund manager’s commitment as detailed above and should not be taken as an endorsement of any particular company, organisation or individual.”

E&OE

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