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21 February 2024 - Fiduciary duties - Oral evidence

Committee Work and Pensions Committee
Inquiry Fiduciary duties

Wednesday 21 February 2024

Start times: 9:15am (private) 9:25am (public)

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Fiduciary duties: Work and Pensions Committee to examine duties of pension scheme trustees and approach to climate risk

The Work and Pensions Committee is to hold a one-off evidence session exploring trustees’ fiduciary duties in relation to pension investment decisions. The hearing will focus on how climate risk is considered and whether changes to fiduciary duties are needed.

Meeting details

At 9:25am: Oral evidence
Work Fiduciary duties (Non-inquiry session)
CEO at Make My Money Matter
CEO at Pensions for Purpose
Director of Policy at ShareAction
Chief Executive at UK Sustainable Investment and Finance Association
At 10:25am: Oral evidence
Work Fiduciary duties (Non-inquiry session)
Director of Policy and Advocacy at Pension and Lifetime Savings Association
Council Member at Association of Professional Pension Trustees
Chair of the Pensions Board at Institute and Faculty of Actuaries
Chief Executive at Universities Superannuation Scheme

The session is a follow-up to the Committee’s report from 2021, which concluded that there should not be a change to trustees’ fiduciary duties, but recommended that the Pensions Regulator establish a working group to develop guidance for schemes looking to set net zero targets.

The first panel will feature organisations with a focus on sustainable investments before the Committee goes on to question pension scheme representatives. Questions are likely to explore different views on whether changes to duties are needed and touch on developments since the Committee’s report such as the impact of mandatory climate-related reporting for pension schemes and the Financial Markets Law Committee report.

Witnesses could also be asked about climate change scenario analysis and whether current models provide a suitable basis for investment decisions.


Room 8, Palace of Westminster

How to attend