Ex-army Cranston makes raising NAPF
flag key
The Vodafone incident that shot the
National Association of Pension Funds (NAPF) into the spotlight this month is
likely to be followed by other high profile activities under the new leadership
of David Cranston.
Cranston, the new director-general,
told PW it was a personal priority to 'raise the NAPF's head above the parapet"
more under his command. Reacting to criticism of the NAPF, the
former army officer acknowledged that the body had not made as many public
stands as might be expected of a leading trade organisation.
However; though Cranston said moves
similar to the Vodafone voting issue were not specifically on the agenda, he
did say corporate governance held personal value.
"Corporate governance is close to my
heart. I'm delighted that we are, to a certain extent, offering a lead and
certainly an opinion on these principles. [The NAPF] is respectable and there
are a lot of very good experts in the NAPF - a lot of expertise from which to
draw and many different views to be exposed to."
Cranston says criticism of the NAPF,
such as its apparent bias towards defined benefit issues, was unfounded.
However; he recognised a need to involve smaller schemes deeper in the NAPF's
agenda.
The NAPF held its first small scheme
meeting this year. Cranston said he was slightly disappointed by the turn-out
of 20, though building on that membership, as well as the broader membership,
which currently extends to 70% of the occupational pensions industry, was also
an important priority. A manager with 35 years' experience,
Cranston highlighted his aim to organise the secretariat so that it can provide
a better service to the NAPF counsel and from there build on membership
expansion and retention.
The post, which Cranston joined on 3
July, appealed due to his passion for management. Cranston has been a chief
executive three times as well as an army officer. Also on his CV, Cranston
boasts a managerial position with the Personal Investment Authority, working on
the pension mis-selling review, and compliance work in banking.
Cranston also sits on the board of an
army benefits fund.
By Nick Fitzpatrick, Pensions Week
24 July, 2000
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