– More than 50% of institutional investors who participated in the 2011 Climate Change Scenarios – Implications for Strategic Asset Allocation collaborative study led by Mercer are taking or planning action related to addressing climate change risk via asset allocation and other initiatives.
– The coalition government revealed it is planning to introduce a further binding vote for shareholders in respect of executive remuneration alongside action to reform remuneration comittees. Further detail is expected in the next Queen’s speech.
– Oil giant Shell closed its final salary pension scheme to new members, signalling the end of open defined benefit (DB) provision in the FTSE 100. The scheme will be replaced with a defined contribution alternative for new hires. Current active members, deferred members and pensioners will continue to accrue benefits on the same basis, the firm said.
– The Accountancy and Actuarial Discipline Board (AADB) fined PricewaterhouseCoopers £1.4m for “very serious” misconduct after an investigation found it failed to report that JP Morgan had not been complying with rules that safeguard clients’ assets from the bank’s own funds for six years.
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