LGPS | Scheme Advisory Board statement on fiduciary duties and lobbying
Published on 25th Sep 2024
The LGPS advisory board has published a statement to provide guidance to LGPS administering authorities as they face "increasing levels and extreme forms of lobbying about how LGPS funds are invested".
The statement discusses the fiduciary duty of administering authorities, factors that can, should and should not be considered when taking investment decisions, expected behaviour at ension committee and other official meetings, and the need to "clearly define the process for officers or elected members to raise concerns when inappropriate behaviour or language are directed against them".
On fiduciary duty, more generally, it confirms that the Scheme Advisory Board (SAB) "is seeking an opinion from Counsel as to whether there is a need to update the previous advice received".
The SAB hopes that the statement will be helpful to pension committee and board members, LGPS officers, advisers, scheme members and others involved in lobbying activity.
Another news item on the same page confirms that the SAB "is aware of a letter sent to administering authorities on behalf of the Palestine Solidarity Campaign and is also seeking legal advice on the contents on behalf of the scheme but cannot guarantee when this advice will be available. Therefore, administering authorities in receipt of the letter should still seek their own legal advice in relation to their specific circumstances and investments."
