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30-Jun-08 11:15 [Pensions]
Myners principals amendments 'should not add to costs' Proposed changes to the Myners Principals should not add to the overall cost and level of administration, it has been suggested.
Following the publication of an industry consultation document by the Treasury, the Department for Work and Pensions and the Pensions Regulator, it has been suggested that a joint government-industry Investment Governance Group (IGG) should be implemented, according to a Global Pensions report.
Waston Wyatt stated its support for the scheme, stating that a voluntary approach to best practice principles could prove to be affective.
"We support the establishment of an IGG in so far as it effectively moves institutional investor decision taking in the UK up the regulatory agenda while highlighting the value and benefits of good investment governance," Paul Trickett, European head of investment consulting, told the magazine.
The consultation paper stated that the IGG would co-own the Myners principals and monitor their effectiveness and the quality of reporting against them.
According to the Legal 500, the Myners principals were set out following an investigation by Paul in 2000 into the investment practices of pension schemes and other institutional investors.
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